{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-046879","form_type":"8-K","ticker":"MEI","cik":"0000065270","company_name":"METHODE ELECTRONICS INC","filed_at":"2023-09-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:36.413211+00:00","generated_at":"2026-06-10T23:05:09.606835+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Methode Q1 EPS $0.02 vs $0.58 YoY; guides FY2024 EPS $0.80-1.00, down from $1.55-1.75","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-046879","json":"https://secwatch.observer/filing/0000950170-23-046879.json","markdown":"https://secwatch.observer/filing/0000950170-23-046879.md","text":"https://secwatch.observer/filing/0000950170-23-046879.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/0000950170-23-046879-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/mei-20230907.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T23:05:09.606835+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"63e532ef7db1bce96b76ba9668fc6d2d7797050c","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/0000950170-23-046879-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first quarter ended July 29, 2023"},{"label":"Revenue","value":"Net sales were $289.7 million"},{"label":"Net income","value":"Net income was $0.9 million, or $0.02 per diluted share"},{"label":"EPS","value":"$0.02 per diluted share"},{"label":"Guidance","value":"lowered"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}