---
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"
generated_at: "2026-06-10T23:05:09.606835+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-046879
- JSON: https://secwatch.observer/filing/0000950170-23-046879.json
- Plain text: https://secwatch.observer/filing/0000950170-23-046879.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/0000950170-23-046879-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.