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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.
CHICAGO, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Methode Electronics (NYSE: MEI) will present at the Sidoti Small Cap Virtual Conference on September 21st at 12:15 p.m. EDT. Interested parties can access a simultaneous webcast on the company’s website, where it will also be archived.
Methode Electronics is a global supplier of custom-engineered solutions for user interface, LED lighting, and power distribution applications, with operations across North America, Europe, the Middle East, and Asia.
Methode Electronics, Inc. (NYSE: MEI) has declared a quarterly dividend of $0.14 per share, to be paid on October 28, 2022, to stockholders who are on record by October 14, 2022. The company specializes in custom-engineered solutions for user interface, LED lighting, and power distribution. Operating in diverse sectors including automotive, industrial, and medical, Methode Electronics maintains a global presence across North America, Europe, the Middle East, and Asia.
Methode Electronics, Inc. (NYSE: MEI) reported net sales of $282.4 million for the first quarter of fiscal 2023, a decrease of 1.9% year-over-year. Despite challenges, the Industrial segment achieved record sales of $92.1 million, driven by power distribution solutions. Net income fell to $21.5 million, or $0.58 per diluted share, impacted by a foreign currency loss of $2.9 million. The company confirmed fiscal 2023 guidance for net sales between $1,160 to $1,210 million and diluted EPS of $2.70 to $3.10, citing continued supply chain disruptions and market volatility.
Methode Electronics, Inc. (NYSE: MEI) announced it will release its first quarter fiscal 2023 results, ending July 30, 2022, on September 1, 2022, before market opens. Following this, a conference call will be held at 10:00 a.m. CDT to discuss financial and operational highlights, led by President Donald W. Duda and CFO Ronald L. G. Tsoumas. Investors can participate by calling 888-506-0062 domestically or 973-528-0011 internationally. A webcast will also be available on the company’s website.
Methode Electronics (NYSE: MEI) will present at the 2022 J.P. Morgan Automotive Conference on August 10 at 4:30 p.m. EDT. The event will be accessible via a webcast on the company's website, which will also include an archived version for later viewing.
As a global leader in custom-engineered solutions, Methode Electronics specializes in user interfaces, LED lighting, and power distribution. The company serves various markets, including automotive, cloud computing, and medical devices, with operations across North America, Europe, the Middle East, and Asia.
Methode Electronics (NYSE: MEI) announced Q4 fiscal 2022 results, reporting net sales of $288.7 million, down 4.1% year-over-year. The decrease was driven by lower automotive sales impacted by supply chain constraints and reduced demand in North America and Europe due to the Ukraine conflict. Net income fell to $16.2 million or $0.43 per diluted share. Free cash flow improved to $33.6 million. The company expects fiscal 2023 net sales between $1,160 million and $1,210 million, with a 3-year organic sales CAGR target of 6%.
Methode Electronics (NYSE: MEI) announced a quarterly dividend of $0.14 per share, payable on July 29, 2022, to stockholders of record by July 15, 2022. Additionally, the board has authorized an increase in its share buyback program by $100 million, raising the total to $200 million. As of April 30, 2022, 1,593,139 shares were repurchased at a cost of $71.2 million. The buyback authorization has been extended to June 14, 2024, allowing purchases under varied market conditions. These initiatives aim to enhance shareholder value and confidence in the company’s financial future.
Methode Electronics (NYSE: MEI) reported preliminary financial results for the fiscal year ending April 30, 2022, with net sales expected at approximately $1,164 million, a 7% increase from the prior year. However, earnings per share (EPS) guidance was reduced to $2.68 to $2.72, down from previous estimates of $3.05 to $3.15, due to challenges like supply chain disruptions and geopolitical tensions. For fiscal 2023, the company anticipates net sales between $1,160 million and $1,210 million and EPS guidance of $2.70 to $3.10.
Methode Electronics, Inc. (NYSE: MEI) has declared a quarterly dividend of $0.14 per share, scheduled for payment on April 29, 2022. Shareholders must be on record by the close of business on April 14, 2022. This decision reflects the company's commitment to return value to its investors. Methode is a global supplier specializing in custom-engineered solutions for applications in user interface, LED lighting, and power distribution, with operations across North America, Europe, the Middle East, and Asia.
Methode Electronics, Inc. (NYSE: MEI) reported its third-quarter fiscal 2022 results, showing net sales of $291.6 million, a 1.3% decrease year-over-year. Electric and hybrid vehicle applications reached a record 19% of net sales. Net income stood at $29.4 million, or $0.78 per diluted share, impacted by restructuring costs of $2.7 million. The company initiated $21.3 million in share buybacks and expects annual sales from new programs to surpass $100 million. Full-year sales guidance was raised to $1,160-$1,170 million, while EPS guidance was narrowed to $3.05-$3.15.
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