secwatch.observer — SEC 8-K summary
======================================

Issuer:     METHODE ELECTRONICS INC (MEI)
CIK:        0000065270
Form:       8-K
Filed at:   2021-12-02T23:59:59+00:00
Accession:  0001564590-21-059036
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65270/000156459021059036/0001564590-21-059036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65270/000156459021059036/mei-8k_20211202.htm
  HTML page:      https://secwatch.observer/filing/0001564590-21-059036

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer