Molex 3Q profit rises 7 percent |
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Thu, 19 Apr 2007 21:55
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LISLE, Ill. (AP) - Molex Inc., which makes electrical components and fiber optic systems, on Thursday said fiscal third-quarter profit rose 7 percent, driven by growth in the industrial market from a newly-acquired business.Net income climbed to $65.3 million, or 35 cents per share, from $61.2 million, or 33 cents per share, in the prior-year period.Revenue rose 12 percent to $807 million from $720.3 million a year ago.Favorable currency translation boosted revenue by $20.2 million versus the March quarter last year, while the company's August acquisition of Woodhead Industries -- which supplies the industrial market -- contributed an additional $58.3 million in sales.In a Thomson Financial poll, analysts forecast earnings of 34 cents per share on revenue of $813.9 million.Molex said it saw growth in its industrial, telecom infrastructure, automotive and medical electronics markets in the quarter. Revenue in the industrial market nearly doubled due to the Woodhead acquisition. Excluding the new business, sales to the market were up a more modest 10 percent.Meanwhile, customers in some of the company's other key markets worked through inventories, partially offsetting those gains.Molex shares rose 4 cents to finish at $29.28 on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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