Methode Electronics Q4 Profit Declines; Sales Up 1.1% - Quick Facts

(RTTNews) - Methode Electronics, Inc. (MEI), a global developer of custom engineered and application specific products and solutions, reported fourth-quarter net income to company of $26.6 million, or $0.68 per share, compared to $48.2 million, or $1.25 per share, prior year. Excluding the fourth-quarter impacts of goodwill and intangible asset impairments, sales of businesses/investments, and tax credits/valuation allowances, Methode's net income was $20.1 million, or $0.51 per share, for the quarter.

The company noted that in the fiscal 2015 fourth quarter, income tax benefit decreased $20.5 million to a benefit of $4.0 million from a benefit of $24.5 million for the prior year period. Fourth-quarter income before income taxes was $22.5 million compared to $23.8 million, prior year.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.68 for the quarter. Analysts' estimates typically exclude special items. Net sales grew 1.1 percent to $227.3 million from $224.9 million, previous year. Analysts expected revenue of $228.07 million for the quarter.

For Fiscal 2016, Methode anticipates sales in the range of $830 million to $865 million, income from operations in the range of $108 to $119 million and earnings per share in the range of $2.07 to $2.22. Analysts expect the company to report fiscal 2016 earnings per share of $2.75 on revenue of $918 million.

CEO Donald Duda said, "While Fiscal 2016 guidance calls for lower revenue and earnings over Fiscal 2015, we are targeting a five-year compounded annual growth rate for EBITDA in the range of 9 to 10 percent."