{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-24-027583","form_type":"8-K","ticker":"MEI","cik":"0000065270","company_name":"METHODE ELECTRONICS INC","filed_at":"2024-03-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.674076+00:00","generated_at":"2026-06-05T02:04:37.508612+00:00","sec_items":["1.01","2.02","2.03","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Methode Q3 net loss $0.33/share; suspends guidance, loosens debt covenant","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-24-027583","json":"https://secwatch.observer/filing/0000950170-24-027583.json","markdown":"https://secwatch.observer/filing/0000950170-24-027583.md","text":"https://secwatch.observer/filing/0000950170-24-027583.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/0000950170-24-027583-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/mei-20240306.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T02:04:37.508612+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":"dd85b47336b66d0048a4c61231217695bc53f482","claim":"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.","evidence_excerpt":"On March 6, 2024, Methode Electronics, Inc. (the “Company”) entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/0000950170-24-027583-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Rate","value":"adjusted base rate plus 1.75% or ... adjusted term SOFR rate or term SOFR daily"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"de7981a16394352ddd26cc933a945ac1f01f0208","claim":"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.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/0000950170-24-027583-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"third quarter of fiscal 2024 ended January 27, 2024"},{"label":"Revenue","value":"$259.5 million"},{"label":"Net income","value":"$11.6 million, or $0.33 per diluted share"},{"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"}