NEW YORK (TheStreet) -- Shares of Methode Electronics (MEI) were falling 32.4% to $29.11 on heavy trading volume after the diversified electronics company guided below analysts' estimates for fiscal 2016.
Methode Electronics expects to report earnings of $2.07 to $2.22 a share and revenue of $830 million to $865 million for fiscal year 2016. Analysts expect the company to report earnings of $2.75 a share and revenue of $918 million for the fiscal year.
The company reported earnings of 68 cents a share for the fiscal fourth quarter, in line with analysts' estimates. Revenue grew 1.1% year over year to $227.3 million for the quarter, below analysts' estimates of $228.07 million.
About 3.2 million shares of Methode Electronics were traded by 10:28 a.m. Thursday, above the company's average trading volume of 374,000 shares a day.
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 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 its strengths outweigh the fact that the company shows low profit margins."