ENTRY LEVEL ON BREAK OF RESISTANCE @ $32.20
Shares of Methode Electronics Inc. (NYSE:MEI) were up more than 13% on Thursday after the company released its first-quarter 2020 results before the opening bell. The company beat analyst expectations for both per share and revenue.
Methode Electronics posted a 20.9% increase in net sales to $270.2 million. GAAP net income came in at $28.3 million, or 75 cents per share, beating analyst expectations by 7 cents. Sales from Grakon, which it acquired in 2018, came in at $54.3 million. They had a huge impact on the company's GAAP net income.
The gross margin for the year ticked up to 28.1% from 26.9% in the prior-year quarter. Management attributed this change primarily to Grakon's sales. But selling and administrative expenses also edged lower to 12%, down from 13.2% in the year-ago quarter.
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