NEW YORK (TheStreet) -- Shares of Methode Electronics Inc. (MEI) are higher by 12.67% to $38.60 at the start of trading on Thursday, after the company reported an increase in its fiscal 2015 first quarter net income to $21.4 million, or 55 cents per share, compared to $13.6 million, or 36 cents per share for the 2014 fiscal first quarter.
The company, which is a global developer of custom engineered and application specific products and solutions, said net sales for the most recent quarter grew by 30.4% to $218.1 million, from $167.3 million for the year ago period.
Methode Electronics said year-over-year fiscal first quarter net income was positively affected by "higher sales volumes in the automotive segment and increased manufacturing efficiencies, due to higher sales and vertical integration in the automotive segment."
Must Read: 50 Stocks Hedge Funds Love
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Separately, TheStreet Ratings team rates METHODE ELECTRONICS INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:"We rate METHODE ELECTRONICS INC (MEI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company shows low profit margins." You can view the full analysis from the report here: MEI Ratings Report
MEI data by YCharts
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV