Methode Q1 EPS $0.02 vs $0.58 YoY; guides FY2024 EPS $0.80-1.00, down from $1.55-1.75

METHODE ELECTRONICS INC

2023-Q1 EPS reported $0.02 revenue$289,700,000

Net sales $289.7M up 2.6% YoY; net income $0.9M ($0.02 diluted) vs $21.5M ($0.58) prior year.
Operational inefficiencies in North America Auto (labor/vendor) caused earnings shortfall; corrective actions in place.
FY2024 sales guidance lowered to $1,140-1,180M from $1,150-1,200M; EPS cut to $0.80-1.00 from $1.55-1.75.
New program awards over $70M annual sales expected; EV/hybrid applications 22% of net sales.
Free cash flow negative $19.4M vs positive $3.1M; net debt $191.1M vs $149.8M at fiscal year-end.

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 first quarter ended July 29, 2023 results: revenue Net sales were $289.7 million, net income Net income was $0.9 million, or $0.02 per diluted share, EPS $0.02 per diluted share. Guidance lowered.

Period: first quarter ended July 29, 2023
Revenue: Net sales were $289.7 million
Net income: Net income was $0.9 million, or $0.02 per diluted share
EPS: $0.02 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

distribution applications, today announced financial results for the first quarter of fiscal 2024 ended July 29, 2023. Fiscal First Quarter 2024 Highlights • Net sales were $289.7 million • Electric and hybrid vehicle applications were 22 percent of net sales • Net income was $0.9 million, or $0.02 per diluted share • Adjusted net income was $2.0 million, or $0.06

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Source: SEC EDGAR

accession 0000950170-23-046879

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