LISLE, Ill. (AP) — Molex Inc., an electronic components and cables maker, said Tuesday its fiscal third-quarter net income fell 31 percent, hurt by hefty costs related to the settlement of a lawsuit.
The results fell short of Wall Street predictions and the company also issued lower-than-expected guidance for the current quarter. Molex shares fell more than 5 percent in afternoon trading while the broader markets were up.
For the quarter ended March 31, the Lisle, Ill.-based company reported net income of $44.8 million, or 25 cents per share, down from $64.9 million, or 36 cents per share, in the same quarter the year before.
Excluding costs related to the settlement of the lawsuit, the company posted an adjusted profit of about 33 cents per share.
Revenue rose 2 percent to $852.9 million from $837.1 million.
Analysts, on average, expected a profit of 36 cents per share on $917.5 million in revenue, according to FactSet.
For the current quarter, Molex projected a profit of between 33 cents and 37 cents per share on $870 million to $910 million in revenue. Analysts expect earnings of 41 cents per share on $958.9 million in revenue.
The company also said its board approved an increase of 9.1 percent in its quarterly dividend, to 24 cents from 22 cents. The dividend will be paid July 25 to shareholders of record June 28.
Molex shares fell 5.1 percent, or $1.41, to $26.06.