METHODE ELECTRONICS INC (MEI): debt financing — Methode Q3 net loss $0.33/share; suspends guidance, loosens debt covenant

METHODE ELECTRONICS INC

2024-Q3 EPS reported -$1.86 revenue$837,200,000

Net sales $259.5M, down from $280.1M YoY; net loss $11.6M vs net income $19.9M prior year.
Automotive segment sales fell 20.8% to $139.7M on program roll-offs and EV/ebike weakness; segment swung to $11.0M loss.
CEO Avi Avula suspends guidance citing operational inefficiencies and market headwinds; plans cost cuts and portfolio review.
Amended credit agreement raises max leverage ratio to 4.50:1.00 for April 2024 quarter, waives default for Jan 2024 quarter.
Free cash flow $12.2M; bought 130,592 shares for $3.0M; net debt $208.4M.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

METHODE ELECTRONICS INC amended credit facility with Bank of America, N.A. at adjusted base rate plus 1.75% or ... adjusted term SOFR rate or term SOFR daily.

Instrument: credit facility
Counterparty: Bank of America, N.A.
Rate: adjusted base rate plus 1.75% or ... adjusted term SOFR rate or term SOFR daily
Event: amendment

Exact text from the filing

On March 6, 2024, Methode Electronics, Inc. (the “Company”) entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”)

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

METHODE ELECTRONICS INC reported third quarter of fiscal 2024 ended January 27, 2024 results: revenue $259.5 million, net income $11.6 million, or $0.33 per diluted share.

Period: third quarter of fiscal 2024 ended January 27, 2024
Revenue: $259.5 million
Net income: $11.6 million, or $0.33 per diluted share
Result: reported results

Exact text from the filing

distribution applications, today announced financial results for the third quarter of fiscal 2024 ended January 27, 2024. Fiscal Third Quarter 2024 Highlights • Net sales were $259.5 million • Electric and hybrid vehicle applications were 19 percent of net sales • Net loss was $11.6 million, or $0.33 per diluted share • Free cash flow was $12.2 million • Company

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Source: SEC EDGAR

accession 0000950170-24-027583

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