Custom engineered products developer Methode Electronics Inc. (MEI), Monday slashed its outlook for fiscal year 2013, citing a customer-led delay in launch of a new laundry program at its TouchSensor business, as well as weak demand at its European Automotive operations.
The Chicago, Illinois-based company now expects revenues of $470 million to $500 million and earnings of $0.45 to $0.60 per share for fiscal year 2013. Earlier the company estimated sales of $495 to $525 million and earnings of $0.66 to $0.81 per share.
Analysts currently estimate revenues of $509.47 million and earnings of $0.76 per share for 2013.
The company said the guidance does not reflect an earlier announced income from a legal settlement.
Methode CEO Donald Duda said, "The first phase of the laundry program we were awarded last year successfully launched last month. However, due to customer-driven delays, the remaining three phases of the launch are now expected to occur in the first quarter of Fiscal 2014. We anticipate this program to be at its full run rate in the second half of our Fiscal 2014..."
Duda said the company expects revenues to touch $640 million and $720 million in fiscal years 2014 and 2015, higher than previously forecast.
Analysts currently estimate revenues of $639.17 million for fiscal year 2014.
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