Methode Electronics (NYSE: MEI) reported Q2 EPS of $1.01, $0.21 better than the analyst estimate of $0.80. Revenue for the quarter came in at $300.8 million versus the consensus estimate of $276.6 million.

Fiscal Second Quarter 2021 Highlights

• Net sales were a record $300.8 million
• Electric and hybrid vehicle applications were over 9 percent of net sales
• Income from operations was a record $45.0 million, or 15.0 percent of net sales
• Net income was $38.6 million, or $1.01 per diluted share, and included $3.5 million of restructuring costs, or $0.09 per diluted share, and $2.8 million of government assistance, or $0.07 per diluted share
• Net cash provided by operating activities was $40.3 million

Management Comments

President and Chief Executive Officer Donald W. Duda said, “I continue to express my gratitude to our employees, who have not only demonstrated incredible commitment to the company in the midst of an ongoing pandemic, but who also helped propel us to a record quarter for sales and income from operations."

Mr. Duda added, "For our fiscal third quarter, we will continue to face market uncertainty due to the pandemic. However, the demand we experienced in the second quarter and are seeing early in the third quarter gives us the confidence to provide sales and EPS guidance for the third quarter. In addition, our order book continues to build in EV programs resulting from our three-pronged approach to EV with user interface, power distribution, and LED lighting solutions."

GUIDANCE:

Methode Electronics sees Q3 2021 EPS of $0.69-$0.85, versus the consensus of $0.78. Methode Electronics sees Q3 2021 revenue of $265-285 million, versus the consensus of $271.45 million.

For the fiscal third quarter of 2021, the company expects net sales in to be in the range of $265 to $285 million and diluted earnings per share to be in the range of $0.69 to $0.85 based on the near-term outlook, which is subject to disruption at any time due to a variety of factors including the ongoing COVID-19 pandemic situation.

For earnings history and earnings-related data on Methode Electronics (MEI) click here.