Methode Electronics Inc. said its normalized net income for the fiscal third quarter ended Jan. 30 was 37 cents per share, compared with the S&P Capital IQ consensus estimate of 43 cents per share.
EPS fell 33.3% year over year from 56 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $14.2 million, a decrease of 35.5% from $22.0 million in the year-earlier period.
The normalized profit margin fell to 8.6% from 10.7% in the year-earlier period.
Total revenue declined 10.4% year over year to $184.6 million from $206.0 million, and total operating expenses decreased on an annual basis to $163.1 million from $171.3 million.
Reported net income decreased 36.1% on an annual basis to $17.2 million, or 45 cents per share, from $26.9 million, or 68 cents per share.
