Methode Electronics (MEI) Reports In-Line Q2 EPS, Beats on Revenues; Boosts FY18 Revenue Guidance Above Consensus
Methode Electronics (NYSE: MEI) reported Q2 EPS of $0.64, in-line with the analyst estimate of $0.64. Revenue for the quarter came in at $230.1 million versus the consensus estimate of $215.99 million.
Year over year, Fiscal 2018 second-quarter net income was negatively affected by:
- acquisition-related expenses and purchase accounting adjustments of $4.2 million;
- absence of an international government grant of $1.5 million;
- increased intangible asset amortization expense related to acquisitions of $0.5 million;
- increased investment in Dabir sales and marketing, clinical resources and professional services (“investment in Dabir”) of $0.5 million;
- increased travel and other general expenses of $0.4 million;
- lower sales volume in the Interface segment;
- unfavorable currency impact on labor and other factory expenses; and
- unfavorable commodity pricing of certain raw materials.
Methode Electronics sees FY2018 EPS of $2.43-$2.63, versus the consensus of $2.59. Methode Electronics sees FY2018 revenue of $880-900 million, versus the consensus of $877.05 million.
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