Methode Electronics, Inc. (MEI) reported that its second-quarter net income increased to $23.4 million, or $0.62 per share from $0.3 million, or $0.01 per share prior year.
Excluding the impact of the gain of $20.0 million recorded in connection with the legal settlement and its effect on income tax expense, second-quarter net income was $5.0 million, or $0.13 per share. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.12 for the quarter. Analysts' estimates typically exclude special items.
Net sales increased 12.0 percent to $129.8 million from $115.9 million last year. Analysts expected revenue of $122.75 million for the quarter.
The company anticipates sales and earnings for fiscal 2013 at the low end of the guidance ranges of sales of $470 million to $500 million and earnings per share in the range of $0.45 to $0.60.
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