secwatch.observer — SEC 8-K summary
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Issuer:     METHODE ELECTRONICS INC (MEI)
CIK:        0000065270
Form:       8-K
Filed at:   2023-09-07T23:59:59+00:00
Accession:  0000950170-23-046879
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/0000950170-23-046879-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65270/000095017023046879/mei-20230907.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-046879

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