METHODE ELECTRONICS INC reported third quarter of fiscal 2026 ended January 31, 2026 results: revenue $233.7 million, net income Net loss was $15.9 million, EPS $0.45 per diluted share. Guidance lowered.
“--- EX-99.1 Exhibit 99.1 Methode Electronics, Inc. Reports Fiscal 2026 Third Quarter Financial Results Progress on transformation amid mixed market conditions • Net sales of $233.7 million, down 2.6% year-over-year • Net loss of $15.9 million or 6.8% of net sales; adjusted EBITDA margin of 3.1% • Narrowed FY26 Sales guidance, lowered adjusted EBITDA guidance to $58”
Andrea J. Barry departed as Chief Administrative Officer and Chief Human Resources Officer at METHODE ELECTRONICS INC.
“On January 30, 2025, Methode Electronics, Inc. (“Methode” or the “Company”) announced that Andrea J. Barry, Chief Administrative Officer and Chief Human Resources Officer of the Company, will step down from those positions effective January 31, 2025.”
David Rawden departed as Interim Chief Financial Officer at METHODE ELECTRONICS INC.
“Ms. Kowalchik will replace David Rawden, who has served as Interim Chief Financial Officer since July 12, 2024.”
Laura Kowalchik was appointed as Chief Financial Officer at METHODE ELECTRONICS INC.
“On August 28, 2024, Methode Electronics, Inc. (the “Company”) announced the appointment of Laura Kowalchik as the Company’s Chief Financial Officer, effective October 1, 2024.”
David Rawden was appointed as Interim Chief Financial Officer at METHODE ELECTRONICS INC.
“On July 8, 2024, the Board appointed Mr. Rawden to the office of Interim Chief Financial Officer effective as of July 12, 2024, the effective date of Mr. Tsoumas’s retirement.”
Ronald L.G. Tsoumas retired as Chief Financial Officer at METHODE ELECTRONICS INC.
“effective as of July 12, 2024, the effective date of Mr. Tsoumas’s retirement.”
Kevin Nystrom departed as Interim Chief Executive Officer at METHODE ELECTRONICS INC.
“Mr. DeGaynor will replace Kevin Nystrom, who has served as Interim Chief Executive Officer since May 7, 2024.”
Jon DeGaynor was appointed as Director at METHODE ELECTRONICS INC.
“the Board of Directors has increased the size of the Board from ten to eleven members and has appointed Mr. DeGaynor to the vacancy created”
Jon DeGaynor was appointed as President and Chief Executive Officer at METHODE ELECTRONICS INC.
“On June 25, 2024, Methode Electronics, Inc. (the “Company” or “Methode”) announced the appointment of Jon DeGaynor as the Company’s new President and Chief Executive Officer, starting July 15, 2024.”
Kevin Nystrom was appointed as Interim Chief Executive Officer at METHODE ELECTRONICS INC.
“the Company has arranged for Kevin Nystrom to serve as the Company’s interim Chief Executive Officer.”
Avi Avula resigned as Chief Executive Officer at METHODE ELECTRONICS INC.
“On May 1, 2024, Avi Avula, the Chief Executive Officer of Methode Electronics, Inc. (the “Company”), informed the Company’s Board of Directors of his decision to resign, effective immediately.”
David Rawden was appointed as Interim Chief Financial Officer at METHODE ELECTRONICS INC.
“On April 8, 2024, the Company announced the Board’s current intention to appoint David Rawden of AlixPartners, a business advisory firm currently providing a variety of consulting services to the Company, to serve as the Company’s Interim Chief Financial Officer upon Mr. Tsoumas’ retirement.”
Ronald L.G. Tsoumas departed as Chief Financial Officer at METHODE ELECTRONICS INC.
“On April 8, 2024, Methode Electronics, Inc. (the “Company”) announced that Ronald L.G. Tsoumas, its Chief Financial Officer, plans to retire effective July 12, 2024”
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.
“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”
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.
“On March 6, 2024, Methode Electronics, Inc. (the “Company”) entered into a First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”)”
Donald Duda resigned as Director at METHODE ELECTRONICS INC.
“replacing Mr. Duda who will offer his resignation as of such date.”
Donald Duda retired as President and Chief Executive Officer at METHODE ELECTRONICS INC.
“Donald W. Duda, the President and Chief Executive Officer of Methode Electronics, Inc. (the “Company”) notified the Company of his intention to retire upon the appointment of his successor.”
Avi Avula was appointed as Director at METHODE ELECTRONICS INC.
“Mr. Avula will also be appointed to the Board of Directors of the Company, effective as of the commencement of his employment”
Avi Avula was appointed as President and Chief Executive Officer at METHODE ELECTRONICS INC.
“appointment of Avi Avula as the Company’s new President and Chief Executive Officer, starting January 29, 2024”
Earnings Releases
METHODE ELECTRONICS INC reported fiscal second quarter ended October 28, 2023 results: revenue $288.0 million, net income -$55.3 million, EPS -$1.55 per diluted share. Guidance lowered.
“Methode's net sales were $288.0 million, compared to $315.9 million in the same quarter of fiscal 2023. The decrease was mainly driven by lower Automotive segment sales in all geographic regions, which was partially offset by sales from the Nordic Lights acquisition and favorable foreign currency translation. Excluding Nordic Lights and foreign currency translation, net sales were down 16.6% compared to the same quarter of fiscal 2023. Loss from operations was $51.3 million, compared to income of $32.8 million in the same quarter of fiscal 2023. The decrease was primarily due to a goodwill impairment in the Automotive segment and to lower sales volume and higher freight costs, both mainly in the Automotive segment. The decrease was partially offset by the Nordic Lights acquisition. Adjusted income from operations, a non-GAAP financial measure, was $6.0 million, down from $33.3 million in the same quarter of fiscal 2023. The fiscal 2024 second quarter adjusted income from operations exc”
Joseph Khoury was removed as Chief Operating Officer at METHODE ELECTRONICS INC.
“On December 5, 2023, the Board of Directors of Methode Electronics, Inc. (the “Company”) removed Joseph Khoury from his position as Chief Operating Officer of the Company, and Mr. Khoury was terminated as an employee of the Company’s Egyptian subsidiary and is no longer associated with the Company.”
Shareholder Votes
METHODE ELECTRONICS INC shareholders approved Advisory vote on frequency of advisory votes on named executive officer compensation at the 2023-09-13 meeting.
“Advisory vote to recommend the frequency of advisory votes on named executive officer compensation: 1 Year 2 Year 3 Year Abstain 29,810,081 3,018 2,568,701 14,385”
Shareholder Votes
METHODE ELECTRONICS INC shareholders approved Advisory vote to approve named executive officer compensation at the 2023-09-13 meeting.
“Advisory vote to approve the Company’s named executive officer compensation: For Against Abstain Broker Non-Votes 31,368,515 1,010,100 17,570 1,192,810”
Shareholder Votes
METHODE ELECTRONICS INC shareholders approved Ratification of Ernst & Young LLP as independent registered public accounting firm at the 2023-09-13 meeting.
“Ratification of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm: For Against Abstain Broker Non-Votes 32,411,923 1,155,460 21,612 --”
Shareholder Votes
METHODE ELECTRONICS INC shareholders approved Election of eleven directors at the 2023-09-13 meeting.
“At the annual meeting of stockholders of Methode Electronics, Inc. (the “Company”) held on September 13, 2023, the stockholders voted on proposals to (i) elect eleven (11) directors to hold office until the next annual meeting of stockholders or until their successors are elected and qualified”
Earnings Releases
METHODE ELECTRONICS INC reported first quarter ended July 29, 2023 results: revenue Net sales were $289.7 million, net income Net income was $0.9 million, or $0.02 per diluted share, EPS $0.02 per diluted share. Guidance lowered.
“distribution applications, today announced financial results for the first quarter of fiscal 2024 ended July 29, 2023. Fiscal First Quarter 2024 Highlights • Net sales were $289.7 million • Electric and hybrid vehicle applications were 22 percent of net sales • Net income was $0.9 million, or $0.02 per diluted share • Adjusted net income was $2.0 million, or $0.06”
Donald W. Duda departed as President and Chief Executive Officer at METHODE ELECTRONICS INC.
“On August 31, 2023, Methode Electronics, Inc. (the “Company”) announced that Donald W. Duda, its President and Chief Executive Officer, plans to retire once a successor is found.”
Joseph Khoury departed as Chief Operating Officer at METHODE ELECTRONICS INC.
“On July 10, 2023, Joseph Khoury was placed on leave from his position as Chief Operating Officer of Methode Electronics, Inc. (the “Company”), and his powers, authority and duties as such officer of the Company were suspended.”
Restructurings & Charges
METHODE ELECTRONICS INC announced a restructuring with charges of pre-tax cash charges of $0.5 million related to severance costs and non-cash charges of approximately $1.0 million to $3.0 million affecting Dabir Surfaces, Inc..
“On July 5, 2023, Methode Electronics, Inc. (the “Company”) made the decision to initiate the discontinuation of its Dabir Surfaces, Inc. (“Dabir”) business. The Company is executing a wind down process of the Dabir business which is expected to be completed by approximately the end of fiscal 2024 in accordance with contractual and regulatory commitments. The Company communicated this decision to affected employees on July 11, 2023. The Company currently expects to incur pre-tax cash charges of $0.5 million related to severance costs and non-cash charges of approximately $1.0 million to $3.0 million related to asset impairments, with most of these costs expected to be recognized by the end of its second quarter of fiscal 2024.”
Earnings Releases
METHODE ELECTRONICS INC reported financial results for fiscal year ended April 29, 2023.
“On June 22, 2023, Methode Electronics, Inc. (the “Company”) issued a press release announcing its financial results for its fourth quarter and fiscal year ended April 29, 2023.”
Earnings Releases
METHODE ELECTRONICS INC reported fourth quarter of fiscal 2023 ended April 29, 2023 results: revenue $301.2 million, net income $8.1 million, EPS $0.22 per diluted share.
“applications, today announced financial results for the fourth quarter and full year of fiscal 2023 ended April 29, 2023. Fiscal Fourth Quarter 2023 Highlights • Net sales were $301.2 million • Electric and hybrid vehicle applications were 23 percent of net sales, a record on a dollar basis • Net income was $8.1 million, or $0.22 per diluted share • Net cash provided”
Earnings Releases
METHODE ELECTRONICS INC reported fiscal year ended April 29, 2023 results: revenue $1,183 million, EPS $2.10 to $2.14.
“organic sales and earnings growth in fiscal 2025 over fiscal 2024." Preliminary Financial Results for Fiscal 2023 The company expects to report record net sales of approximately $1,183 million for fiscal 2023, which would represent a two percent increase from the prior fiscal year. This compares to the previously provided net sales guidance range of $1,155 to $1,180.”
Earnings Releases
METHODE ELECTRONICS INC reported third quarter ended January 28, 2023 results: revenue $280.1 million, net income $19.9 million, EPS $0.54 per diluted share.
“distribution applications, today announced financial results for the third quarter of fiscal 2023 ended January 28, 2023. Fiscal Third Quarter 2023 Highlights • Net sales were $280.1 million, of which electric and hybrid vehicle applications were a record 24 percent • Compared to the third quarter of fiscal 2022, net sales were down 3.9%. Excluding foreign currency”
Earnings Releases
METHODE ELECTRONICS INC reported second quarter of fiscal 2023 ended October 29, 2022 results: revenue $315.9 million, net income $27.6 million, EPS $0.75 per diluted share. Guidance lowered.
“Fiscal Second Quarter 2023 Highlights • Net sales were a record $315.9 million, of which electric and hybrid vehicle applications were 20 percent • Record Industrial segment net sales of $103.8 million • Net income was $27.6 million, or $0.75 per diluted share”
Material Agreements
METHODE ELECTRONICS INC entered into Credit Agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein valued at $750,000,000 (effective 2022-10-31).
“On October 31, 2022, Methode Electronics, Inc. (the “Company”) entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.