Welcome to our dedicated page for Methode Electronics news (Ticker: MEI), a resource for investors and traders seeking the latest updates and insights on Methode Electronics stock.
Methode Electronics, Inc. (NYSE: MEI) is a global engineering company headquartered in Chicago, IL. Founded in 1946, Methode has evolved from a single-product manufacturer to a diversified entity that offers industrial design, distribution, and professional services across various sectors. The company's core business revolves around developing custom-engineered, application-specific products and solutions targeted at industries such as automotive, big data, white goods, aerospace & defense, consumer electronics, and healthcare.
Methode's portfolio includes component and subsystem devices employing electrical, radio remote control, electronic, wireless, and sensing technologies. The firm is organized into different business segments: Automotive, Industrial, Interface, and Medical.
- Automotive: This segment supplies electronic and electro-mechanical devices and related products to the automobile industry, contributing significantly to Methode's revenue.
- Industrial: This division manufactures external lighting solutions, industrial safety radio remote controls, braided flexible cables, and custom power-product assemblies. It caters to a wide range of industrial applications.
- Interface: The Interface segment provides a variety of copper and fiber-optic interface solutions designed for robust performance.
- Medical: This segment consists of the company's medical device business, Dabir Surfaces, which focuses on surface support technology aimed at preventing pressure injuries.
Recent Achievements
For the first quarter of fiscal 2024, Methode reported net sales of $289.7 million, a slight increase from $282.4 million in the same quarter of fiscal 2023. The acquisition of Nordic Lights contributed $21.2 million, although operational inefficiencies and other challenges affected overall earnings. Corrective action plans are in place to address these issues.
In the second quarter of fiscal 2024, the company faced headwinds including auto program roll-offs, softening e-bike markets, and operational challenges. Despite these obstacles, Methode remains committed to its strategic goals, including new program launches and correction of operational inefficiencies.
For the third quarter of fiscal 2024, net sales were reported at $259.5 million, compared to $280.1 million in the same quarter of the previous year. The transition of the CEO position to Avi Avula underscores Methode's commitment to addressing ongoing challenges and setting the stage for future growth.
Overall, Methode's key strengths lie in its capability to deliver custom-engineered solutions across a diverse range of industries, supported by a global footprint with facilities in North America, Europe, the Middle East, and Asia. The company is navigating market challenges with a proactive approach to operational efficiencies and strategic investment.
Methode Electronics (NYSE: MEI) has appointed Lars Ullrich as Senior Vice President, Global Automotive Business, effective December 2, 2024. In this newly created position, Ullrich will oversee global strategic, launch, and commercial activities for the company's automotive business. Ullrich brings over 20 years of business and strategic leadership experience from multinational companies, including positions at Infineon Technologies and Robert Bosch. He most recently served as Head of Region Americas and Chief Business Officer at Larsen and Toubro Semiconductor Technologies.
Rigrodsky Law, P.A. has announced an investigation into potential claims against the officers and directors of Methode Electronics, Inc. (NYSE: MEI) on behalf of stockholders. The investigation focuses on shareholders who purchased or acquired Methode shares on or before December 2, 2021. Interested parties are encouraged to visit the law firm's website or contact Leah Wihtelin for more information about the investigation and their rights.
Methode Electronics, Inc. (NYSE: MEI), a global supplier of custom-engineered solutions, has announced a planned transition in its Board leadership. Mark Schwabero has been appointed as the new Chairman of the Board, succeeding Walter Aspatore, who is retiring after 16 years of service. Schwabero, previously appointed as Vice Chairman in May 2024, has been a director at Methode since 2019. He brings valuable experience from his former role as Chairman, CEO, and Director of Brunswick , a recreational marine products company, from 2016 to 2018. This transition marks a significant change in Methode's leadership structure, potentially influencing the company's future direction and strategy.
Methode Electronics (NYSE: MEI), a global leader in custom-engineered solutions for user interface, LED lighting, and power distribution applications, has announced a quarterly dividend. The company's board of directors has declared a dividend of $0.14 per share, payable on November 1, 2024, to common stockholders of record at the close of business on October 18, 2024. This announcement demonstrates Methode Electronics' commitment to providing regular returns to its shareholders, potentially indicating financial stability and confidence in the company's future performance.
Methode Electronics (NYSE: MEI), a global leader in custom-engineered solutions for user interface, LED lighting, and power distribution, has announced its participation in the Sidoti Small Cap Conference. The company will present on September 18th at 2:30 p.m. EDT.
Investors and interested parties can access a live webcast of the presentation through Methode's website at www.methode.com, specifically on the Investors page. For those unable to attend the live event, an archived version of the webcast will be made available on the same page for future reference.
This presentation offers an opportunity for investors to gain insights into Methode Electronics' business strategies, market position, and future outlook in the custom-engineered solutions industry.
Methode Electronics (NYSE: MEI) reported fiscal 2025 Q1 results with net sales of $258.5 million, down from $289.7 million in Q1 2024. The company posted a net loss of $18.3 million, or $0.52 per diluted share, compared to a net income of $0.9 million in the same quarter last year. Adjusted net loss was $10.9 million, or $0.31 per diluted share. Despite challenges, net cash provided by operating activities improved to $10.9 million, up from -$5.6 million in the prior year. Methode affirmed its fiscal 2025 guidance, expecting net sales similar to fiscal 2024 and adjusted pre-tax income approaching breakeven. The company also announced the appointment of Laura Kowalchik as CFO, effective October 1, 2024.
The Schall Law Firm has announced a class action lawsuit against Methode Electronics, Inc. (NYSE:MEI) for alleged violations of securities laws. Investors who purchased Methode's securities between June 23, 2022, and March 6, 2024, are encouraged to participate. The lawsuit claims that Methode made false and misleading statements about its workforce, business transition, and product offerings.
Key allegations include:
- Failure to maintain a skilled workforce
- Poor execution in diversifying product offerings
- Problems at the Monterrey facility
- Delays in EV product program
The deadline for investors to join the case is October 25, 2024. The class has not yet been certified, and affected shareholders are advised to contact the Schall Law Firm for more information.
Methode Electronics (NYSE: MEI) has appointed Laura Kowalchik as Chief Financial Officer, effective October 1, 2024. Kowalchik, currently CFO at Communication & Power Industries, brings over 25 years of experience in strategic, management, and financial roles in the automotive and industrial sectors. She succeeds interim CFO David Rawden.
President and CEO Jon DeGaynor expressed confidence in Kowalchik's ability to guide the finance organization and support Methode's transformation to drive profitability and return to growth. Kowalchik's track record includes leading finance organizations through successful strategic transformations, resulting in enhanced financial practices, more efficient systems, and improved operational results.
Methode Electronics (NYSE: MEI), a global supplier of custom-engineered solutions for user interface, LED lighting system, and power distribution applications, has announced the release of its first quarter fiscal 2025 results on Thursday, September 5, 2024, before the market opens. The company will host a conference call and webcast at 10:00 a.m. CDT to review financial and operational highlights. The call will be led by CEO Jon DeGaynor and Interim CFO David Rawden. Investors can participate by dialing 888-506-0062 (domestic) or 973-528-0011 (international). A simultaneous webcast will be available on the company's website. A replay of the call will be accessible through September 19, 2024, by dialing 877-481-4010 with passcode 51071.
Methode Electronics (NYSE: MEI) has appointed John T. Erwin as its new Chief Procurement Officer (CPO). With a 35-year career in procurement and supply chain management, Erwin will lead Methode's global procurement activities, focusing on evaluating processes, strengthening supplier relationships, and driving cost-savings initiatives.
President and CEO Jon DeGaynor expressed confidence in Erwin's ability to unlock cost reduction opportunities in the supply chain and contribute to the company's long-term profitability goals. Methode Electronics is a leading global supplier of custom-engineered solutions for user interface, LED lighting system, and power distribution applications.
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