Shares of Methode Electronics gained after the company posted higher revenue in its latest quarter, and expects sales for the current year to top Wall Street's forecast.
The stock surged 14% to $14.86 in after-hours trading on Wednesday. At market close, shares had climbed 97% year to date.
The power distribution and lighting solutions provider swung to a profit in the fiscal fourth quarter of $400,000, or 1 cent a share, compared with a loss of $28.3 million, or 80 cents a share, a year earlier.
Revenue rose 16% to $298.1 million, topping estimates of $238.5 million from analysts surveyed by FactSet.
The increase was driven by customer recoveries in the automotive segment and higher industrial segment volume and mix, partially offset by lower sales in the company's interface business.
Chief Executive Jon DeGaynor said the company's strategy is working, including efforts to improve its operational discipline, talent and portfolio.
Going forward, Methode is working to focus more on growth opportunities in data centers, vehicle electrification and other power solutions markets, where it expects to have a competitive advantage given its engineering expertise, he said.
For the full year, the company guided for sales of $1.03 billion to $1.08 billion, up from $1.02 billion in the recent fiscal year, and above analysts' forecast of $951.9 million.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
June 24, 2026 18:55 ET (22:55 GMT)
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