New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Methode Electronics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 30, 2012 02:00PM

Methode Electronics Inc. (MEI) filed Quarterly Report for the period ended 2012-07-28. Methode Electronics Inc. has a market cap of $331.5 million; its shares were traded at around $9.23 with a P/E ratio of 37.3 and P/S ratio of 0.7. The dividend yield of Methode Electronics Inc. stocks is 3.1%.



Highlight of Business Operations:

Net Sales. Consolidated net sales increased $7.9 million, or 7.1%, to $118.7 million for the three months ended July 28, 2012, from $110.8 million for the three months ended July 30, 2011. The Automotive segment net sales increased $8.3 million, or 13.2%, to $71.0 million for the first quarter of fiscal 2013, from $62.7 million for the first quarter of fiscal 2012. The Interconnect segment net sales decreased $0.7 million, or 2.2%, to $31.7 million for the first quarter of fiscal 2013, compared to $32.4 million for the first quarter of fiscal 2012. The Power Products segment net sales decreased $0.7, or 5.5%, to $12.1 million for the first quarter of fiscal 2013, compared to $12.8 million for the first quarter of fiscal 2012. The Other segment net sales increased $1.0 million, or 34.5%, to $3.9 million for the first quarter of fiscal 2013, as compared to $2.9 million for the first quarter of fiscal 2012. Translation of foreign operations net sales for the three months ended July 28, 2012 decreased reported net sales by $2.4 million or 2.0% due to average currency rate fluctuations in the first quarter of fiscal 2013, compared to the first quarter of fiscal 2012, primarily due to the weakening of the euro compared to the U.S. dollar.

Net Sales. Automotive segment net sales increased $8.3 million, or 13.2%, to $71.0 million for the three months ended July 28, 2012, from $62.7 million for the three months ended July 30, 2011. Net sales increased in North America $13.0 million, or 114.5%, to $24.4 million in the first quarter of fiscal 2013, compared to $11.4 million in the first quarter of fiscal 2012 due to increased sales for our Ford Center Console Program and our transmission lead-frame assembly, which represented $6.2 million of the increase and the remaining increase relates to the newly acquired AMD business acquired in September 2011. Net sales decreased in Europe by $1.5 million, or 5.0%, to $28.5 million in the first quarter of fiscal 2013, compared to $30.0 million in the first quarter of fiscal 2012, primarily due to currency rate fluctuations. In the first quarter of fiscal 2013, the Automotive segment in Europe recorded $0.9 million of favorable commodity pricing adjustments for precious metals supplied to one customer. Net sales in Asia decreased $2.9 million, or 14.2%, to $17.5 million in the first quarter of fiscal 2013, compared to $20.4 million in the first quarter of fiscal 2012, primarily due to the planned partial transfer of some of the transmission lead-frame assembly product from our China facility to our Mexico facility. The transmission lead-frame assembly is now being manufactured at both facilities. Translation of foreign operations net sales for the three months ended July 28, 2012 decreased reported net sales by $2.4 million, or 3.3%, due to average currency rates in the first quarter of fiscal 2013, compared to the average currency rates in the first quarter of fiscal 2012, primarily due to the weakening of the euro as compared to the U.S. dollar.

Selling and Administrative Expenses. Selling and administrative expenses decreased $0.4 million, or 5.6%, to $6.7 million for the three months ended July 28, 2012, compared to $7.1 million for the three months ended July 30, 2011. Selling and administrative expenses as a percentage of net sales were 9.4% for the three months ended July 28, 2012 and 11.3% for the three months ended July 30, 2011. Legal expenses related to the Delphi litigation decreased $0.2 million, to $0.6 million for the first quarter of fiscal 2013, compared to $0.8 million for the first quarter of fiscal 2012. In addition, selling and marketing expenses in the first quarter of fiscal 2013 decreased in European operations primarily due to exchange rate fluctuations due to the the weakening of the euro as compared to the U.S. dollar. The first quarter of fiscal 2013 includes $0.4 million of selling and administrative expenses related to the AMD acquisition.

Net Sales. Interconnect segment net sales decreased $0.7 million, or 2.2%, to $31.7 million for the three months ended July 28, 2012, from $32.4 million for the three months ended July 30, 2011. Net sales increased in North America by $1.6 million, or 7.9%, to $21.9 million in the first quarter of fiscal 2013, compared to $20.3 million in the first quarter of fiscal 2012, primarily due to stronger sales for data solution products and white goods. Net sales in Europe decreased $1.4 million, or 19.4%, to $5.8 million in the first quarter of fiscal 2013, compared to $7.2 million in the first quarter of fiscal 2012, primarily due to weaker radio remote control sales as a result of the financial distress of a strategic distributor and lower sensor sales in

Net Sales. Power Products segment net sales decreased $0.7 million, or 5.5%, to $12.1 million for the three months ended July 28, 2012, compared to $12.8 million for the three months ended July 30, 2011. Net sales decreased in North America $0.6 million, or 7.0%, to $7.9 million in the first quarter of fiscal 2013, compared to $8.5 million in the first quarter of fiscal 2012, primarily due to lower demand for our cabling and heat sink products, partially offset by higher demand for our busbar products. Net sales in Europe decreased $0.1 million, or 20.0%, to $0.4 million in the first quarter of fiscal 2013, compared to $0.5 million in the first quarter of fiscal 2012, due to lower demand for busbar products. Net sales in Asia were flat at $3.8 million for both the first quarter of fiscal 2013 and 2012.

Read the The complete Report



Stocks Discussed: MEI,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial