Methode Electronics Earnings: Here’s Why the Stock is Rising Now
Methode Electronics Inc. (NYSE:MEI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.35%.
Methode Electronics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 350% to $0.09 in the quarter versus EPS of $0.02 in the year-earlier quarter.
Revenue: Rose 9.82% to $123 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Methode Electronics Inc. reported adjusted EPS income of $0.09 per share. By that measure, the company beat the mean analyst estimate of $0.02. It beat the average revenue estimate of $107.02 million.
Quoting Management: President and Chief Executive Officer Donald W. Duda said, “Third-quarter Fiscal 2013 sales came in higher than we expected due mainly to strong sales for the Ford center console and transmission lead frame assembly products, as well as new product launches in our European Automotive operations, partially offset by weaker demand in our European industrial operations. Year to date, lower industrial sales, which is typically a higher margin business line, coupled with notably higher design, development and engineering costs for the General Motors center console program compared to last year, contributed to lower year-over-year consolidated gross margins.”
Key Stats (on next page)…