---
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"
generated_at: "2026-06-05T02:04:37.508612+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Methode Q3 net loss $0.33/share; suspends guidance, loosens debt covenant

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-027583
- JSON: https://secwatch.observer/filing/0000950170-24-027583.json
- Plain text: https://secwatch.observer/filing/0000950170-24-027583.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/0000950170-24-027583-index.htm
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/65270/000095017024027583/0000950170-24-027583-index.htm

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