Methode Electronics profit up on auto products

Electronic components maker Methode Electronics Inc. yesterday said its quarterly earnings rose on higher sales of its automotive products.

Net income in the fiscal third quarter ended January 31 rose to $4.5 million, or 12 cents a share, from $400,000, or one cent, in the same period a year ago. The company said the weak US dollar shaved about $1 million off its profit. The prior-year quarter included a one-time charge of $3 million, or eight cents a share, for increasing warranty reserves.

In November, Methode forecast its third-quarter earnings would be in a range of 13 cents to 14 cents per share on sales of $85 million to $88 million.

Sales in the latest quarter rose to $92.1 million from $74 million.

The company predicted its fourth-quarter net income would be 16 cents to 17 cents a share. For all of 2003, it tightened the range of its forecasted earnings to 58 cents to 59 cents a share, compared with the outlook of 58 cents to 62 cents it gave in November.