---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-068680"
form_type: "8-K"
ticker: "MEI"
cik: "0000065270"
company_name: "METHODE ELECTRONICS INC"
filed_at: "2023-12-07T23:59:59+00:00"
generated_at: "2026-06-07T16:35:07.822184+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Methode Electronics Q2 net loss $55.3M; goodwill impairment $56.5M; slashes FY2024 adjusted EPS guidance

## Summary
- Net loss of $55.3M ($1.55 diluted EPS); adjusted EPS $0.06 vs $0.76 a year ago; sales $288.0M down 8.8% YoY.
- Goodwill impairment of $56.5M in Auto segment drove operating loss of $51.3M; segment sales fell 21.6% to $154.3M.
- COO Joseph Khoury terminated; forfeited all stock awards and transition award; compensation reversal recorded in Q3 FY2024.
- FY2024 adjusted EPS guidance cut to $0.24–$0.50 from $0.80–$1.00; FY2025 sales outlook reduced to $1.15–$1.25B.
- Amended change-in-control agreements for two execs (Martin, Vyverberg) to 2x salary+bonus from 1x; benefits extended to 2 years.

## SEC filing metadata
- accession: 0000950170-23-068680
- form_type: 8-K
- ticker: MEI
- cik: 0000065270
- company_name: METHODE ELECTRONICS INC
- filed_at: 2023-12-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/65270/000095017023068680/0000950170-23-068680-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/65270/000095017023068680/mei-20231207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-068680
- JSON: https://secwatch.observer/filing/0000950170-23-068680.json
- Plain text: https://secwatch.observer/filing/0000950170-23-068680.txt

## Key facts
- Earnings Releases
  METHODE ELECTRONICS INC reported fiscal second quarter ended October 28, 2023 results: revenue $288.0 million, net income -$55.3 million, EPS -$1.55 per diluted share. Guidance lowered.
  - Period: fiscal second quarter ended October 28, 2023
  - Revenue: $288.0 million
  - Net income: -$55.3 million
  - EPS: -$1.55 per diluted share
  - Guidance: lowered
  - Result: reported results
  source text: Methode's net sales were $288.0 million, compared to $315.9 million in the same quarter of fiscal 2023. The decrease was mainly driven by lower Automotive segment sales in all geographic regions, which was partially offset by sales from the Nordic Lights acquisition and favorable foreign currency translation. Excluding Nordic Lights and foreign currency translation, net sales were down 16.6% compared to the same quarter of fiscal 2023. Loss from operations was $51.3 million, compared to income of $32.8 million in the same quarter of fiscal 2023. The decrease was primarily due to a goodwill impairment in the Automotive segment and to lower sales volume and higher freight costs, both mainly in the Automotive segment. The decrease was partially offset by the Nordic Lights acquisition. Adjusted income from operations, a non-GAAP financial measure, was $6.0 million, down from $33.3 million in the same quarter of fiscal 2023. The fiscal 2024 second quarter adjusted income from operations exc
  evidence_url: https://www.sec.gov/Archives/edgar/data/65270/000095017023068680/0000950170-23-068680-index.htm
- Executive change
  Joseph Khoury was removed as Chief Operating Officer at METHODE ELECTRONICS INC.
  - Action: removed
  - Role: Chief Operating Officer
  source text: On December 5, 2023, the Board of Directors of Methode Electronics, Inc. (the “Company”) removed Joseph Khoury from his position as Chief Operating Officer of the Company, and Mr. Khoury was terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/65270/000095017023068680/0000950170-23-068680-index.htm

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