Methode Electronics Q2 net income down 29%; lowers FY2022 guidance on supply chain woes

METHODE ELECTRONICS INC

2021-Q2 EPS reported $1.48 revenue$583,300,000

Net sales $295.5M (-1.8% YoY); net income $27.5M ($0.72 EPS) vs $38.6M ($1.01 EPS).
Record EV/hybrid sales (16% of net sales); Industrial segment sales up 18.9% to $80.7M.
Automotive segment sales fell 9.1% to $196M on semiconductor shortages; op margin 12.0% vs 18.0%.
FY2022 guidance cut: net sales $1,140-1,160M (prev. $1,175-1,235M); EPS $3.00-3.20 (prev. $3.35-3.75).
Repurchased 807,516 shares for $34.8M in Q2; $49.9M used under $100M buyback authorization.

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