Methode meets 2Q profit forecasts

Associated Press |

CHICAGO (AP) _ Methode Electronics Inc. (MEI) on Thursday reported fiscal second-quarter net income of $24.2 million.

The Chicago-based company said it had profit of 64 cents per share.

The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 64 cents per share.

The maker of electrical components for the auto and computer industries posted revenue of $230.1 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $216 million.

Methode expects full-year earnings to be $2.43 to $2.63 per share, with revenue in the range of $880 million to $900 million.

Methode shares have increased 10 percent since the beginning of the year. The stock has risen 18 percent in the last 12 months.

This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on MEI at

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