Methode Electronics Shares Climb 10.4% (MEI)

Shares of Methode Electronics, Inc. MEI are trading up 10.4% at $13.02 per share during the Thursday afternoon trading session. The day's trading range for shares of Methode Electronics, Inc has been between $11.90 and $13.26 per share. Analysts covering the company's stock give it a consensus price target of $11.00 per share. Volume of 418,000 shares is already more than double the daily average volume of 173,000 shares. Methode Electronics, Inc. (MEI) released financial results on Thursday morning. Methode Electronics, Inc announced a 2nd quarter net loss per share of 1 cent, on revenue of $106.61 million. According to a survey 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." Read more from Benzinga's Company news.