Methode Electronics Q2 Profit Dips, Ups Annual Targets - Quick Facts

(RTTNews) - Methode Electronics Inc. (MEI) Thursday reported a decline in second-quarter profit, in spite of a surge in revenues. The last year results included a $20 million gain in connection with a legal settlement. The company raised its financial targets for the fiscal 2014.

Net income for the three-month period dropped to $19.8 million or $0.51 per share, from $23.4 million or $0.62 per share last year.

On average, three analysts polled by Thomson Reuters expected the company to report earnings per share of $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

Methode's net sales rose 47.1 percent to $190.9 million, from $129.8 million a year ago. Street expected the company to generate revenues of $168.13 million for the quarter.

Looking ahead, the company raised its full-year 2014 sales guidance to a range of $720 to $750 million, from previous expectations of $670 to $700 million. Earnings per share are expected to range between $1.70 and $1.90, up from $1.40 to $1.60 previously anticipated. Analysts expect the company to report revenues of $684.25 million, and earnings of $1.48 per share.