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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Molex Incorporated (NASDAQ: MOLX) and (NASDAQ: MOLXA), a global
electronic components company, today reported results for its second
quarter ended December 31, 2012.
Three Months Ended
USD millions, except per share data
Earnings per share
Net revenue for the December 2012 quarter was $967.7 million, an
increase of 5.5% from the September 2012 quarter and 12.8% from the
December 2011 quarter. In local currencies, net revenue increased 4.8%
compared with the September 2012 quarter and 13.8% compared with the
December 2011 quarter. Orders for the December 2012 quarter were $919.7
million, a decline of 2.6% from the September 2012 quarter and an
increase of 12.8% from the December 2011 quarter.
Net income for the December 2012 quarter was $70.4 million or $0.39 per
share, compared with $71.3 million, or $0.40 per share, for the
September 2012 quarter and $64.0 million, or $0.36 per share, for the
December 2011 quarter.
“Our results came in at the high end of our guidance range and we were
particularly pleased to achieve record revenue this quarter as shipments
were strong leading into the Christmas period. Bookings were weaker
toward the latter part of the quarter and consistent with normal
seasonal trends, were down 2.6% on a sequential basis. Our pipeline of
new projects is strong and we will have a clearer view of the business
trends for calendar year 2013 after Chinese New Year,” stated Martin P.
Slark, Chief Executive Officer.
Other financial highlights for the quarter
ended December 31, 2012:
Gross profit margin was 29.9%, compared with 29.3% in the September
2012 quarter and 30.7% in the December 2011 quarter.
SG&A expense was $181.0 million, compared with $163.1 million in the
September 2012 quarter and $163.1 million in the December 2011
quarter. The September 2012 quarter included insurance proceeds of
$9.9 million related to losses incurred from the March 2011 earthquake
and tsunami in Japan.
Backlog was $404.0 million, a decrease of 9.3% from the September 2012
quarter and an increase of 16.7% from the December 2011 quarter.
The book-to-bill ratio for the December quarter was 0.95 to 1 compared
with 1.03 to 1 for the September quarter and 0.95 to 1 for the
December 2011 quarter.
Capital expenditures were $78.6 million or 8.1% of revenue.
Inventory days outstanding was 83 days compared with 84 days in the
September 2012 quarter and 91 days in the December 2011 quarter.
Accounts receivable days outstanding was 67 days compared with 69 days
in the September 2012 quarter and 71 days in the December 2011 quarter.
The effective tax rate was 31.1%.
Based upon current order rates and customer backlog, the Company
estimates revenue in the range of $900 to $930 million for the March
2013 quarter. At this level of revenue, the Company expects earnings per
share in the range of $0.33 to $0.37, assuming constant foreign currency
rates, unchanged commodity prices and an effective tax rate in the range
of 30% to 32%.
Earnings Conference Call Information
A conference call will be held on Wednesday, January 23, 2013 at 8:30
a.m. central time. Please dial (888) 679-8035 to participate in the
call. International callers should dial (617) 213-4848. Please dial in
at least five minutes prior to the start of the call and refer to
participant pass code 88944879. Internet users will be able to access
the webcast, including slide materials, live and in replay in the
“Investors” section of the Company’s website at www.molex.com.
A 48-hour telephone replay will be available at approximately 10:30 a.m.
central time at (888) 286-8010 or (617) 801-6888 / pass code 81162241.
Other Investor Events
Feb 12 – Goldman Sachs Technology and
Internet Conference in San Francisco, CA
Statements in this release that are not historical are
forward-looking and are subject to various risks and uncertainties that
could cause actual results to vary materially from those stated.Words
such as “expect,” “anticipate,” “outlook,” “forecast,” “could,”
“project,” “intend,” “plan,” “continue,” “believe,” “seek,” “estimate,”
“should,” “may,” “assume,” “potential,” variations of such words and
similar expressions are used to identify these forward-looking
statements.Forward-looking statements are based on currently
available information and include, among others, the discussion under
“Outlook.”These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions
that are difficult to predict. Respective risks, uncertainties, and
assumptions that could affect the outcome or results of operations are
described in Part 1, Item 1A of our Annual Report on Form 10-K for the
year ended June 30, 2012, and the Form 10-Q for the quarter ended
September 30, 2012, which is incorporated by reference and in other
reports that Molex files or furnishes with the Securities and Exchange
We have based our forward-looking statements on our management’s
beliefs and assumptions based on information available to management at
the time the statements are made. We caution you that actual outcomes
and results may differ materially from what is expressed, implied, or
forecast by our forward-looking statements. Reference is made in
particular to forward-looking statements regarding growth strategies,
industry trends, global economic conditions, success of customers, cost
of raw materials, value of inventory, availability of credit, foreign
currency exchange rates, labor costs, protection of intellectual
property, cost reduction initiatives, acquisition synergies,
manufacturing strategies, product development introduction and sales,
regulatory changes, competitive strengths, income tax fluctuations,
natural disasters, unauthorized access to data, government
investigations and outcomes of legal proceedings. Except as required
under the federal securities laws, we do not have any intention or
obligation to update publicly any forward-looking statements after the
distribution of this report, whether as a result of new information,
future events, changes in assumptions, or otherwise.
Molex Incorporated is a 74-year-old global manufacturer of electronic,
electrical and fiber optic interconnection systems. Based in Lisle,
Illinois, USA, the Company operates 41 manufacturing locations in 15
countries. The Molex website is www.molex.com.
Editor’s note: Molex is traded on the NASDAQ Global Select Market
(MOLX and MOLXA) in the United States and on the London Stock Exchange.
The Company’s voting common stock (MOLX) is included in the S&P 500
Condensed Consolidated Balance Sheets
Cash and cash equivalents
Accounts receivable, less allowances of $37,681 and $37,876,
Deferred income taxes
Other current assets
Total current assets
Property, plant and equipment, net
Non-current deferred income taxes
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of short-term borrowings and long-term debt
Accrued liability for unauthorized activities in Japan
Income taxes payable
Total current liabilities
Other non-current liabilities
Accrued pension and other postretirement benefits
Commitments and contingencies
Total stockholders’ equity
Total liabilities and stockholders’ equity
Condensed Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended
Six Months Ended
Cost of sales
Selling, general and administrative
Unauthorized activities in Japan
Total operating expenses
Income from operations
Interest (expense) income, net
Other (expense) income
Total other (expense) income, net
Income before income taxes
Earnings per share:
Dividends declared per share
Average common shares outstanding:
Condensed Consolidated Statements of Cash Flows
Six Months Ended
Add non-cash items included in net income:
Depreciation and amortization
Other non-cash items
Changes in assets and liabilities:
Other current assets and liabilities
Other assets and liabilities
Cash provided from operating activities
Proceeds from sales of property, plant and equipment
Proceeds from sales or maturities of marketable securities
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