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Methode Electronics, Inc. (MEI) delivers innovative engineering solutions across automotive, industrial, and medical markets since 1946. This news hub provides investors and industry professionals with centralized access to official corporate announcements, financial disclosures, and strategic developments.
Track MEI's latest earnings reports, product launches, and partnership announcements alongside updates on sensor technologies, power distribution systems, and automotive interface innovations. Our curated collection ensures timely access to material developments affecting MEI's position in custom-engineered components markets.
Discover updates spanning MEI's core operational segments including automotive electronics, industrial interface systems, and medical device components. Content is rigorously verified to provide accurate insights into leadership changes, manufacturing expansions, and technological advancements.
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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.
Methode Electronics announced its fiscal 2024 fourth quarter and full year financial results. Net sales for Q4 were $277.3 million, down from $301.2 million in Q4 fiscal 2023. Goodwill impairment led to a net loss of $57.3 million or $1.63 per diluted share. Adjusted net loss was $7.9 million or $0.23 per diluted share. Net cash provided by operations was $24.9 million, and free cash flow was $15.8 million. The company’s net debt stood at $169.4 million. For fiscal 2024, net sales were $1,114.5 million, with a net loss of $123.3 million or $3.48 per diluted share. Adjusted net loss was $15.0 million or $0.43 per diluted share. For fiscal 2025, the company expects flat sales and breakeven pre-tax income, with a return to growth in fiscal 2026. Jon DeGaynor will become CEO on July 15, 2024.
Methode Electronics announced the appointment of Jon DeGaynor as President and CEO, effective July 15, 2024. He will also join the Board of Directors. DeGaynor, with 35 years of experience in engineered-products businesses, previously served as President and CEO of Stoneridge from 2015 to 2023 and has been Executive Chairman of Racing and Performance since 2023. He succeeds Kevin Nystrom, interim CEO since May 7, 2024. DeGaynor is noted for driving significant growth and value creation through strategic transformations. Chairman Walter Aspatore expressed confidence in DeGaynor's ability to guide Methode Electronics towards profitability and growth.
Methode Electronics, a global leader in custom-engineered solutions for user interface, LED lighting, and power distribution applications, announced that its board of directors has approved a quarterly dividend.
The dividend of $0.14 per share will be paid on July 26, 2024, to common stockholders of record as of July 12, 2024.
Methode Electronics, Inc. announced the appointment of Kevin Nystrom as the interim CEO, succeeding Avi Avula. Mark Schwabero was named Vice Chairman of the Board. The company is engaging in a search for a permanent CEO. The changes aim to drive operational efficiencies, restore profitability, and enhance shareholder value.
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