Methode Electronics Q3 EPS $0.78, sales $291.6M; raises FY sales guidance, EV sales record 19%

METHODE ELECTRONICS INC

2022-Q3 EPS reported $2.26 revenue$874,900,000

Net sales $291.6M (-1.3% YoY); net income $29.4M ($0.78 diluted EPS) vs $31.9M ($0.83) prior year.
Record EV/hybrid sales at 19% of sales; new program awards >$100M annual sales, ~70% EV.
$21.3M share buybacks in quarter (460K shares); $71.2M total under $100M authorization.
FY2022 guidance: sales raised to $1,160-$1,170M; EPS narrowed to $3.05-$3.15.
Automotive segment sales down 7.2% on Europe semiconductor shortages; Industrial up 20.3%.

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