Methode Electronics Inc. (MEI) said it has updated its fiscal 2013 revenue guidance in the range of $470 million - $500 million and earnings per share guidance of $0.45 - $0.60. This compares with the prior revenue guidance in the range of $495 million - $525 million and earnings per share guidance of $0.66 - $0.81. This guidance exclude income from the legal settlement previously announced on August 30, 2012, the company said.
The updated estimates reflect a customer-driven temporary launch delay of a significant new laundry program at the Company's TouchSensor business coupled with softening sales demand in its European Automotive operations due to weakening economic conditions in Europe. Neither of these factors impacted Methode's first-half fiscal 2013 results.
President and CEO, Donald Duda, said, "Although we are disappointed that Fiscal 2013 revenue and earnings will not be as strong as we originally anticipated, we believe revenue this fiscal year will still improve and earnings per share will improve 105 percent to 173 percent over Fiscal 2012. Additionally, we anticipate growing revenues to $640 million and $720 million in our Fiscal Years 2014 and 2015, which is higher than our previous outlook."
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