Methode Q3 EPS $0.54 vs $0.78 YoY; guides FY2023 lower; announces Nordic Lights tender

METHODE ELECTRONICS INC

2023-Q3 EPS reported $1.87 revenue$878,400,000

Net sales $280.1M (-3.9% YoY); net income $19.9M ($0.54 diluted EPS) vs $29.4M ($0.78) prior year.
Record EV/HEV sales at 24% of total; Industrial segment sales up 13.8% on power distribution for EVs and data centers.
Full-year FY2023 guidance revised: net sales $1,155-$1,180M (from $1,170-$1,200M); EPS $2.50-$2.60 (from $2.70-$2.90).
Announced public tender offer for Nordic Lights Group at EUR 6.30/share (~EUR 132M equity value); expected close H2 2023.
Free cash flow $42.9M vs $11.8M a year ago; repurchased 179,700 shares for $8.0M in the quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

METHODE ELECTRONICS INC reported third quarter ended January 28, 2023 results: revenue $280.1 million, net income $19.9 million, EPS $0.54 per diluted share.

Period: third quarter ended January 28, 2023
Revenue: $280.1 million
Net income: $19.9 million
EPS: $0.54 per diluted share
Result: reported results

Exact text from the filing

distribution applications, today announced financial results for the third quarter of fiscal 2023 ended January 28, 2023. Fiscal Third Quarter 2023 Highlights • Net sales were $280.1 million, of which electric and hybrid vehicle applications were a record 24 percent • Compared to the third quarter of fiscal 2022, net sales were down 3.9%. Excluding foreign currency

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accession 0000950170-23-006837

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