Molex Q1 - not as good as 2011

“Business conditions stabilized during the March quarter, with order rates improving each month and the book-to-bill ratio increasing to 1.04. Costs remain under control and are being rigorously monitored,” commented Martin P. Slark, Molex’s Chief Executive Officer. “The long term themes driving the business - mobility, IT spending and growth in emerging markets - continue to develop, affording Molex significant opportunities for long-term growth. In addition, cash flow has been very strong, exceeding net income for each of the last three quarters.” Outlook Based upon current order rates, backlog and normal seasonality, the Company estimates revenue in a range of $870 to $900 million for the June 2012 quarter. At this level of revenue, the Company expects earnings per share in a range of $0.36 to $0.40 assuming constant foreign currency rates and commodity prices and an effective tax rate of 31%. Other financial highlights for the quarter ended March 31, 2012 - Gross profit margin was 30.5%, compared with 29.8% in the March 2011 quarter and 30.7% in the December 2011 quarter. - SG&A expense was $163.9 million, compared with $159.4 million in the March 2011 quarter and $163.1 million in the December 2011 quarter. - Capital expenditures were $54.4 million or 6.5% of revenue. - Depreciation and amortization was $58.5 million or 7.0% of revenue. - Backlog was $376.9 million, an increase of $30.6 million or 8.8% from the December 2011 quarter. - The book-to-bill ratio was 1.04 to 1. - Inventory days outstanding were 93 days compared with 87 days in the March 2011 quarter and 91 days in the December 2011 quarter. - Accounts receivable days outstanding were 72 days compared with 76 days in the March 2011 quarter and 71 days in the December 2011 quarter. - Cash flow from operations was $138.9 million.