October 2, 2008 / 11:44 AM / in 9 years

UPDATE 1-Molex cuts Q1 outlook

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Oct 2 (Reuters) - Electronic connector maker Molex Inc MOLX.O cut its first-quarter outlook, citing lower demand in its telecom, data infrastructure and automotive markets.

For the first quarter ending Sept. 30, the company forecast earnings of 25 cents to 29 cents a share, on revenue of $840 million to $845 million. The outlook includes an estimated restructuring charge of about 6 cents a share.

Previously, Molex expected earnings of 35 cents to 40 cents a share, including an estimated restructuring charge of 1 cent a share, on revenue of $860 million to $880 million.

Analysts on average were expecting earnings of 38 cents a share, excluding items, on revenue of $870.2 million, according to Reuters Estimates.

“The industrial and consumer electronic markets are also below the company’s original outlook as customers remain cautious in their procurement and forecasting given the significant uncertainty in the global economy,” Molex said.

Shares of the company closed at $22.19 Wednesday on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Himani Sarkar)

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