NEW YORK (TheStreet) -- Methode Electronics (MEI) - Get Report shares are up 4.97% to $42.23 in trading on Thursday following the release of the electronics manufacturer's third quarter earnings results before the opening bell today.

The company reported third quarter net income of $27.1 million, or 68 cents per diluted share on an adjusted basis, on revenue of $206 million. Analysts on average were expecting the company to report earnings of 48 cents per share on $209.71 million in revenue.

The company said that it expects full year earnings to be in the $2.50 to $2.60 per share range while expecting to generate between $870 million and $885 million in revenue.

The company's automotive division saw a 9.6% year over year increase in revenue while selling and administrative expenses fell 2.7% in period.

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."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• You can view the full analysis from the report here: MEI Ratings Report

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