Methode Electronics Posts Mixed Results (MEI)
Methode Electronics, Inc. (NYSE: MEI) released financial results on Thursday morning.
Methode Electronics, Inc announced a 2nd quarter net loss of $0.5 million, or 1 cent per share, compared to net income of $2.1 million, or 6 cents per share, a year earlier.
Methode Electronics, Inc. (MEI) reported revenue of $106.61 million, up from $98.5 million a year earlier.
According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 6 cents per share, on revenue of $92.04 million.
President and chief executive officer Donald W. Duda said, "Methode continued to post strong net sales in Fiscal 2011, which improved in the second quarter 8.2 percent year over year and 8.5 percent sequentially over the first quarter. This was led by improved sales in our Asian Automotive and Power Products segments, as well as in our North American and European Interconnect segments. Additionally, excluding Delphi and legacy automotive products sales, Automotive segment net sales increased nearly 20 percent in the second quarter of Fiscal 2011 over the same period last year."
Methode Electronics, Inc finished the previous trading day at $11.79 per share. The consensus price target of analysts covering the company's stock is $11.00 per share.
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