The value of small cap stock for Methode Electronics Inc. (NYSE:MEI) rose during trading on Thursday, as the company benefited from news that its net sales rose more than expected after an announcement by the firm.
According to a release, the developer of custom engineered and application specific products announced Fiscal 2012 fourth-quarter net sales increased when compared with the same period during the previous year, rising 5.9 percent.
"During Fiscal 2012, we continued to design, develop and engineer the launch of the General Motors center console program, which when launched in the fourth quarter of Fiscal 2013, is expected to generate over $100 million in revenue per year over the life of the program," said Donald W. Duda, the company's chief executive officer. "Also, Methode's TouchSensor business developed a touch user interface for an OEM laundry program, which launches in the second quarter of Fiscal 2013 and is expected to represent approximately $30 to $40 million in annual revenue at full run rate in Fiscal 2014."
World News Report noted that the company's board of directors recently declared an upwardly revised quarterly dividend.
The company's stock rose $0.58 to $8.49 at 10:37 a.m. on June 28, an increase of 7.3 percent.