Methode Electronics Q1 Profit Rises; Lifts FY14 Outlook - Quick Facts

(RTTNews) - Methode Electronics Inc. (MEI), a global developer of custom engineered and application specific products and solutions, reported that net income attributable to the company for the first quarter of fiscal 2014 increased to $13.61 million, or $0.36 per share, from $3.89 million or $0.10 per share, in the same period of Fiscal 2013.

The fiscal 2014 first-quarter net income benefitted from higher sales volume in the Automotive, Interconnect and Power Products segments; increased manufacturing efficiencies due to higher sales and vertical integration of painting and laser-etching capabilities in the Automotive segment; and favorable raw material commodity pricing and product mix in the Power Products segment.

The fiscal 2014 first-quarter net income was negatively affected by higher performance-based compensation expense of $1.7 million; increased income tax expense of $0.9 million; and higher marketing, depreciation and stock award amortization expenses of $0.6 million.

Net sales grew 40.9 percent to $167.3 million from $118.7 million in the same quarter of Fiscal 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share and revenues of $148.85 million for the quarter. Analysts' estimates typically exclude special items.

The company raised its full-year Fiscal 2014 earnings guidance to a range of $1.40 to $1.60 per share from the prior estimate of $0.91 to $1.11 per share.

The company also raised its full-year Fiscal 2014 sales guidance to a range of $670 million to $700 million from the previous sales guidance of $630 million to $660 million.

Analysts expect the company to report earnings of $1.05 per share and revenues of $653.28 million for fiscal 2014.