UPDATE 1-Molex to cut workforce, lowers Q2 forecast
Dec 8 (Reuters) - Electronic connector maker Molex Inc MOLX.O said it plans to cut headcount and related employee costs, in addition to its previously announced cost reduction initiatives, and cut its second-quarter outlook on lower demand.
The company now sees revenue of $650 million to $670 million for the second quarter, down from prior its estimate of $750 million to $800 million.
The company, which currently has more than 33,000 employees, did not specify the number of jobs it plans to cut.
Molex, whose peers include Tyco Electronics Ltd (TEL.N: Cotización) and Amphenol Corp (APH.N: Cotización), also cautioned investors not to rely on its profit outlook of 18 cents to 22 cents a share for the second quarter that it forecast on Oct. 28.
The company said it would not provide earnings outlook for the period, as the restructuring actions have not been fully quantified yet.
Analysts on average were expecting earnings of 23 cents a share, on revenue of $764.2 million, for the second quarter according to Reuters Estimates.
Shares of the company closed at $13.96 Monday on Nasdaq. (Reporting by Biswarup Gooptu in Bangalore; Editing by Amitha Rajan)
© Thomson Reuters 2017 All rights reserved.