Methode Electronics Inc. said earnings and sales gains in the fiscal second quarter and first half reflected continuing strong performances from its companies serving the transportation equipment market.
Chicago-based Methode said net income for its fiscal second quarter ended Oct. 31 advanced 19 percent, to $1.5 million, or 14 cents a share, from $1.2 million, or 13 cents a share on fewer shares outstanding in the year-earlier period. Sales for the quarter reached $24.6 million, up 25 percent from $19.7 million.
For the six-month period, Methode said earnings rose 27 percent, to $2.7 million, or 27 cents a share, from $2.3 million, or 26 cents a share, on fewer shares outstanding a year earlier. Sales rose to $46.6 million from $38.6 million.
President William J. McGinley attributed the gains to its transportation equipment-related business, ”which has been solid for Methode for quite some time due to our increasing penetration into new applications for the marketplace.”
However, he pointed to a softening in Methode`s businesses manufacturing for the military and aerospace markets. ”We believe this is a short-term phenomenon as we appear to be very well situated to serve the high-end requirements of these customers,” McGinley said.
