After raising its fiscal first-quarter revenue and EPS guidance, Molex Inc. (MOLX) is the fifth largest price gainer (percentage) on the S&P 500 today.

This global electronic components company saw strong customer orders in all key markets and now expects revenue between $650 million and $655 million. Previously, it had anticipated $590 million to $630 million.

MOLX, a Zacks #3 Rank (“Hold”) company, said the consumer and data markets rebounded nicely, while Asia is seeing the strongest demand regionally.

Adjusted earnings per share are expected between 12 cents and 16 cents in the quarter, instead of 4 cents to 10 cents as previously predicted.

The Zacks Consensus Estimate currently calls for a profit of 8 cents in the first quarter, which is up from breakeven 2 months ago.

(On a GAAP basis, the company expects a loss of 12 cents to a loss of 8 cents, due to a settlement for the closure of a European manufacturing facility that will increase the total program cost.)

MOLX has a Zacks Recommendation of “NEUTRAL” with volume at about 1.75 million shares, compared to the daily average of 1.21 million.

MOLX will release its fiscal first-quarter results on Oct 27. It has missed in each of the last 2 quarters.

Zacks Investment Research
View original at: Zacks.com News Feed

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