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Methode Electronics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 6, 2012 07:08AM

Methode Electronics Inc. (MEI) filed Quarterly Report for the period ended 2012-10-27. Methode Electronics, Inc. has a market cap of $334.7 million; its shares were traded at around $9.47 with a P/E ratio of 30.1 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 $13.9 million, or 12.0%, to $129.8 million for the three months ended October 27, 2012, from $115.9 million for the three months ended October 29, 2011. The Automotive segment net sales increased $12.7 million, or 18.8%, to $80.2 million for the second quarter of fiscal 2013, from $67.5 million for the second quarter of fiscal 2012. The Interconnect segment net sales increased $1.8 million, or 5.7%, to $33.3 million for the second quarter of fiscal 2013, compared to $31.5 million for the second quarter of fiscal 2012. The Power Products segment net sales decreased $1.2 million, or 8.8%, to $12.5 million for the second quarter of fiscal 2013, compared to $13.7 million for the second quarter of fiscal 2012. The Other segment net sales increased $0.6 million, or 18.8%, to $3.8 million for the second quarter of fiscal 2013, as compared to $3.2 million for the second quarter of fiscal 2012. Translation of foreign operations net sales for the three months ended October 27, 2012 decreased reported net sales by $2.0 million or 1.5% compared to the second 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 $12.7 million, or 18.8%, to $80.2 million for the three months ended October 27, 2012, from $67.5 million for the three months ended October 29, 2011. Net sales increased $11.2 million, or 75.7%, in North America, to $26.1 million in the second quarter of fiscal 2013, compared to $14.9 million in the second quarter of fiscal 2012, primarily due to increased sales for our Ford Center Console Program and our transmission lead-frame assembly. Net sales increased in Europe by $5.3 million, or 17.3%, to $35.8 million in the second quarter of fiscal 2013, compared to $30.5 million in the second quarter of fiscal 2012, primarily due to new launches for our hidden switch product lines. In the second quarter of fiscal 2013, the Automotive segment recorded $0.5 million of favorable commodity pricing adjustments for precious metals supplied to one customer in Europe. Net sales in Asia decreased $3.7 million, or 17.3%, to $17.7 million in the second quarter of fiscal 2013, compared to $21.4 million in the second 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 October 27, 2012 decreased reported net sales by $2.0 million, or 2.4%, compared to the second quarter of fiscal 2012, primarily due to the weakening of the euro as compared to the U.S. dollar.

Net Sales. Consolidated net sales increased $21.8 million, or 9.6%, to $248.5 million for the six months ended October 27, 2012, from $226.7 million for the six months ended October 29, 2011. The Automotive segment net sales increased $21.0 million, or 16.1%, to $151.2 million for the first half of fiscal 2013, from $130.2 million for the first half of fiscal 2012. The Interconnect segment net sales increased $1.1 million, or 1.7%, to $65.0 million for the first half of fiscal 2013, compared to $63.9 million for the half of fiscal 2012. The Power Products segment net sales decreased $1.9 million, or 7.2%, to $24.6 million for the first half of fiscal 2013, compared to $26.5 million for the first half of fiscal 2012. The Other segment net sales increased $1.6 million, or 26.2%, to $7.7 million for the first half of fiscal 2013, as compared to $6.1 million

Net Sales. Automotive segment net sales increased $21.0 million, or 16.1%, to $151.2 million for the six months ended October 27, 2012, from $130.2 million for the six months ended October 29, 2011. Net sales increased $24.3 million, or 92.6%, in North America, to $50.5 million in the first half of fiscal 2013, compared to $26.2 million in the first half of fiscal 2012, primarily due to increased sales for our Ford Center Console Program and our transmission lead-frame assembly. Net sales increased in Europe by $3.7 million, or 6.2%, to $64.2 million in the first half of fiscal 2013, compared to $60.5 million in the first half of fiscal 2012, primarily due to new launches for our hidden switch product lines. In the first half of fiscal 2013, the Automotive segment recorded $1.4 million of favorable commodity pricing adjustments for precious metals supplied to one customer in Europe. Net sales in Asia decreased $6.6 million, or 15.8%, to $35.2 million in the first half of fiscal 2013, compared to $41.8 million in the first half 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 six months ended

Net Sales. Power Products segment net sales decreased $1.9 million, or 7.2%, to $24.6 million for the six months ended October 27, 2012, compared to $26.5 million for the six months ended October 29, 2011. Net sales decreased in North America $1.2 million, or 6.9%, to $16.3 million in the first half of fiscal 2013, compared to $17.5 million in the first half of fiscal 2012, primarily due to lower demand for our busbar and heat sink products, partially offset by higher demand for our cabling products. Net sales in Europe decreased by $0.1 million, or 9.7%, to $0.9 million in the first half of fiscal 2013, compared to $1.0 million in the first half of fiscal 2012, due to lower demand for busbar products. Net sales in Asia decreased $0.6 million, or 7.5%, to $7.4 million for the first half of fiscal 2013, compared to $8.0 million for the first half of fiscal 2012, due to lower demand for busbar products.

Read the The complete Report



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