Methode Electronics Q1 Earnings Rise; Lifts Annual Outlook - Quick Facts

(RTTNews) - Component devices maker Methode Electronics, Inc. (MEI) Thursday reported first-quarter earnings which increased, helped by higher automotive sales and gross margin. The company also raised its annual outlook.

For the 3-month period, net earnings totaled $21.4 million or $0.55 per share, up from $13.6 million or $0.36 per share a year earlier.

Analysts polled by Thomson-Reuters had a consensus earnings estimate of $0.40. Analysts' estimates typically exclude one-time items.

Quarterly sales advanced 30.4 percent to $218.1 million, from $167.27 million last year, above the $193.69 million Wall Street expected.

The company raised its annual guidance for earnings of $2.10 to $2.20 per share on sales of $870 million to $885 million, from the prior guidance range for earnings of $1.85 to $2.00 per share on revenues of $835 million to $860 million.

Analysts expect earnings of $1.97 on revenues of $851.35 million for the fiscal year.