Benzinga | Sep 24, 2020 07:12AM EDT

Methode Electronics Raises Q2 Sales Guidance From $230M-$250M To $270M-$285M vs $257.3M Est., Sees EPS $0.71-$0.81 vs $0.73 Est.

CHICAGO, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE:MEI), a global developer of custom engineered and application specific products and solutions, announced an update today to its fiscal second quarter 2021 financial guidance.



The company expects net sales in the fiscal second quarter of 2021 to be in the range of $270 to $285 million, as compared to the original range of $230 to $250 million provided on September 3, 2020.

In addition, the company initiated fiscal second quarter 2021 guidance for diluted earnings per share in the range of $0.71 to $0.81. This guidance assumes no discrete tax impacts and includes approximately $3 million of restructuring costs, or $0.06 per diluted share, related to actions taken to reduce overall costs and improve operational profitability.

This financial guidance reflects the company's current estimates and is based upon management's expectations regarding a variety of factors and involve a number of risks and market uncertainties, including, but not limited to, those identified in its fiscal first quarter 2021 results released on September 3, 2020, and its most recent 10-Q filing.

President and Chief Executive Officer Donald W. Duda said, "The recent stabilization and meaningful increase in customer demand forecasts have provided us the confidence to raise our sales guidance and initiate earnings guidance. While the increase in activity is mainly in the automotive markets, we are experiencing improvement across most of our other businesses."

Mr. Duda added, "While our customers still face the risk of COVID-19 related disruptions, I am pleased that the strength of our global manufacturing operations allows us to fully meet increasing customer requirements."