Methode Electronics reports record Q2 sales $315.9M, EPS $0.75; narrows FY2023 guidance

METHODE ELECTRONICS INC

2023-Q2 EPS reported $1.33 revenue$598,300,000

Record net sales $315.9M, up 6.9% YoY; net income $27.6M ($0.75 EPS) vs $27.5M ($0.72) prior year.
Industrial segment record sales $103.8M (+28.6% YoY); Automotive sales flat at $196.9M.
Purchased 508,179 shares for $19.7M; total buyback $102.8M of $200M program.
FY2023 guidance: sales $1,170-1,200M (narrowed from $1,160-1,210M), EPS $2.70-2.90 (narrowed from $2.70-3.10).
EBITDA $46.1M vs $47.4M; free cash flow $7.0M vs $21.6M prior year.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

METHODE ELECTRONICS INC reported second quarter of fiscal 2023 ended October 29, 2022 results: revenue $315.9 million, net income $27.6 million, EPS $0.75 per diluted share. Guidance lowered.

Period: second quarter of fiscal 2023 ended October 29, 2022
Revenue: $315.9 million
Net income: $27.6 million
EPS: $0.75 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Fiscal Second Quarter 2023 Highlights • Net sales were a record $315.9 million, of which electric and hybrid vehicle applications were 20 percent • Record Industrial segment net sales of $103.8 million • Net income was $27.6 million, or $0.75 per diluted share

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Source: SEC EDGAR

accession 0000950170-22-025914

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