Methode reports preliminary FY2023 record sales $1,183M; EPS below guidance range

METHODE ELECTRONICS INC

2023-FY EPS reported $2.10 revenue$1,179,600,000

Record FY2023 net sales ~$1,183M (+2% YoY), above guidance of $1,155-1,180M.
GAAP diluted EPS expected $2.10-$2.14, below prior guidance of $2.50-$2.60 due to acquisition costs and higher expenses.
FY2024 guidance: net sales $1,150-1,200M; diluted EPS $1.55-$1.75, citing program roll-offs and market headwinds.
FY2025 guidance: net sales $1,250-1,350M; operating margin 11-12%; ~11% organic growth from FY2024 midpoint.
CEO cites unexpected early sunsetting of an EV program in FY2024 due to customer technology change.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

METHODE ELECTRONICS INC reported fiscal year ended April 29, 2023 results: revenue $1,183 million, EPS $2.10 to $2.14.

Period: fiscal year ended April 29, 2023
Revenue: $1,183 million
EPS: $2.10 to $2.14
Result: preliminary results

Exact text from the filing

organic sales and earnings growth in fiscal 2025 over fiscal 2024." Preliminary Financial Results for Fiscal 2023 The company expects to report record net sales of approximately $1,183 million for fiscal 2023, which would represent a two percent increase from the prior fiscal year. This compares to the previously provided net sales guidance range of $1,155 to $1,180.

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Source: SEC EDGAR

accession 0000950170-23-027550

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