Methode Electronics Q1 EPS $0.58 vs $0.76 YoY; revenue $282.4M -1.9%; reiterates FY23 guidance

METHODE ELECTRONICS INC

2023-Q1 EPS reported $0.58 revenue$282,400,000

Net income of $21.5M ($0.58 diluted EPS) vs $29.1M ($0.76) in prior year quarter.
Revenue $282.4M, down 1.9% YoY; unfavorable FX impact of $14.2M partially offset by $11.1M cost recovery.
Industrial segment sales record $92.1M (+17.3% YoY); Automotive segment fell 9.8% to $176.6M.
Reaffirmed FY2023 guidance: sales $1.16-1.21B, EPS $2.70-3.10.
Repurchased 317,635 shares for $11.9M during Q1.

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