Methode Electronics, Inc. (NYSE:MEI) moved with change of +1.01% to $26.99 with the total traded volume of 633,421 shares in recent session versus to an average volume of 215,612. After opening the first trading session at $24.38, it registered a day’s high of $27.40 and touched a day’s low of $24.33.
Methode Electronics, Inc. (MEI) reported financial results for the fourth quarter and fiscal year of Fiscal 2019 ended April 27, 2019.
Fourth Quarter Fiscal 2019
Methode’s fourth-quarter Fiscal 2019 net sales raised $17.0M, or 6.8 percent, to $266.0M from $249.0M in the same quarter of Fiscal 2018. Year over year, currency rate fluctuations reduced net sales $8.8M.
GAAP net income reduced $14.2M to $22.6M, or $0.60 per share, in the fourth quarter of Fiscal 2019 from $36.8M, or $0.98 per share, in the same period of Fiscal 2018.
Fiscal 2019 fourth-quarter tax expense was $7.5M contrast to a tax benefit of $6.0M in the Fiscal 2018 fourth quarter, negatively impacting Fiscal 2019 fourth-quarter net income by $13.5M year over year, or $0.36 per share, and was due mainly to the combined impact from a decrease in investment tax credits year over year of $8.9M and a tax benefit of $3.1M in the Fiscal 2018 period related to the enactment of the Tax Cuts and Jobs Act (“U.S. Tax Reform”).
Adjusted net income, a non-GAAP financial measure, reduced to $23.5M, or $0.62 per share, in the fourth quarter of Fiscal 2019 from $33.7M, or $0.90 per share, in the same period of Fiscal 2018. Adjusted net income excludes expenses for initiatives to reduce overall costs and improve operational profitability and the transition tax and the impact of revaluing deferred taxes Because of the change in the federal tax rate from U.S. Tax Reform in the applicable periods.
Year over year, Fiscal 2019 fourth-quarter GAAP net income was negatively affected by:
- higher income tax expense of $13.5M, of which $8.9M was Because of lower net investment tax credits and $3.1M was Because of the impact of U.S. Tax Reform;
- the effect on Automotive section sales of reduced passenger car demand and production globally;
- raised intangible asset amortization expense related to the Grakon acquisition of $3.1M;
- higher net interest expense of $2.7M;
- higher stock award amortization expense of $2.0M;
- expenses for initiatives to reduce overall costs and improve operational profitability of $1.0M;
- lower international government grants of $0.8M; and
- the unfavorable impact of the weakening euro and Chinese renminbi contrast to the U.S. dollar.
Year over year, Fiscal 2019 fourth-quarter GAAP net income benefitted from:
- sales from Grakon of $51.8M;
- reduced bonus expense of $3.2M;
- lower legal expense of $1.6M; and
- the favorable impact of the weakening Mexican peso contrast to the U.S. dollar.
(MEI) stock identified change of 28.58% away from 52-week low price and recently located move of -40.62% off 52-week high price. The company has 36.99M of outstanding shares and 998.279M shares were floated in the market.
Joseph Hedrick – Technology
My Name is Joseph Hedrick, and I am 28 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sounds too dry and dull. I am that sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but Technology and Stock Market articles are always my favorite. I love to express myself by creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.
Address: 3124 Doctors Drive
Los Angeles, CA 90017, United States of America
Phone Number: +1 310 409 5731