secwatch.observer — SEC 8-K summary
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Issuer:     METHODE ELECTRONICS INC (MEI)
CIK:        0000065270
Form:       8-K
Filed at:   2023-03-09T23:59:59+00:00
Accession:  0000950170-23-006837
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65270/000095017023006837/0000950170-23-006837-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65270/000095017023006837/mei-20230309.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-006837

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