Methode Electronics, Inc. Reports Record Sales in Fiscal 2020 First-Quarter
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Methode Electronics (MEI) Tops Q1 EPS by 6c, Revenues Beat; Offers FY20 EPS/Revenue Mid-Point Guidance Above Consensus
August 29, 2019 7:05 AM EDTMethode Electronics (NYSE: MEI) reported Q1 EPS of $0.75, $0.06 better than the analyst estimate of $0.69. Revenue for the quarter came in at $270.2 million versus the consensus estimate of $269.01 million.
Year over year, Fiscal 2020 first-quarter GAAP net income benefitted from:
sales from Grakon of $54.3 million;benefit of initiatives to reduce overall costs and improve operational profitability taken in Fiscal 2019;absence of expense for initiatives to reduce overall costs and improve operational profitability taken in Fiscal 2019 of $0.8 million; andlower acquisition-related costs of $0.6 million.Year over year, Fiscal 2020 first-quarter... More
