Methode Electronics Misses Estimates (MEI)

Methode Electronics, Inc. MEI announced on Thursday before the market opened that it failed to meet consensus Wall Street estimates. Methode Electronics reported that its fiscal 1st quarter net income rose to $4.07 million, or 11 cents per share, up from 0 cents per share a year earlier. Revenue rose to $98.3 million, up from $89.8 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 15 cents per share, on revenue of $106.05 million. Methode Electronics, Inc. (MEI) closed Wednesday trading at $9.42 per share. Analysts covering the company's stock give it a consensus price target of $12.00 per share. President and chief executive officer Donald W. Duda said, "Methode began Fiscal 2011 with strong net sales, which improved year over year and nearly three percent sequentially over the fourth quarter of Fiscal 2010. Additionally, we are very pleased to announce MDI's award to provide an automotive OEM with a custom sensor for use in their new transmissions. This sensor based on Methode's magneto-elastic technology required over 5 years of development effort and represents the first major deployment of the technology in the automobile." Read more from Benzinga's Company news.