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."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."