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, Inc. (NYSE: MEI) will present at the Stifel 2021 Virtual Cross Sector Insight Conference on June 9 at 9:20 a.m. EDT. This event will showcase the company's custom-engineered solutions for user interface, LED lighting, and power distribution applications. A live webcast will be available on their Investors page and archived for later access. Methode Electronics operates globally, serving sectors such as automotive, cloud computing, and medical devices, with a focus on diverse markets.
Methode Electronics, Inc. (NYSE: MEI) is set to present at the Oppenheimer 16th Annual Industrial Growth Conference on May 5, 2021, at 12:00 p.m. EDT. Interested investors can access a live webcast on the company’s website under the Investors page, which will also host an archived version post-event. Methode Electronics specializes in custom engineered products across various sectors, including automotive, industrial, and medical, with a global manufacturing presence in multiple countries.
Methode Electronics (NYSE: MEI) has authorized a new share buyback program allowing for the repurchase of up to $100 million of its outstanding common stock through March 31, 2023. Purchases will be made on the open market or through private transactions, subject to market conditions and other factors. There is no guarantee on the timing or extent of purchases. This initiative is aimed at boosting shareholder value by potentially increasing earnings per share (EPS) and demonstrates the board's confidence in the company's financial health and future prospects.
Methode Electronics, Inc. (NYSE: MEI) announced the election of Janie Goddard to its board of directors. Chairman Walter J. Aspatore expressed confidence in Goddard's extensive business experience, highlighting her leadership in strategic marketing and product development. Goddard currently serves as Divisional Chief Executive for the Medical and Environmental Sector at Halma plc, and has held significant roles at Novanta, Welch Allyn, Covidien, and Johnson & Johnson. Her addition is expected to support Methode's growth strategy.
Methode Electronics, Inc. (NYSE: MEI) has declared a quarterly dividend of $0.11 per share. This dividend will be payable on April 30, 2021, to stockholders on record as of April 16, 2021. The company specializes in custom engineered products, with operations across multiple countries including the US, Canada, and China.
With significant involvement in various sectors such as automotive, industrial, and medical, Methode continues to strengthen its market presence.
Methode Electronics, Inc. (NYSE: MEI) reported fiscal Q3 2021 results with net sales of $295.3 million, reflecting a 7.6% increase adjusted for foreign currency. Electric and hybrid vehicle applications contributed over 12% to net sales. Net income stood at $31.9 million ($0.83 per diluted share), down from $41.2 million a year earlier. The company achieved free cash flow of $82.2 million and reduced debt to $244.6 million. Looking ahead, Q4 guidance estimates net sales between $270 million and $300 million, influenced by ongoing supply chain challenges.
Methode Electronics, Inc. (NYSE: MEI) will release its third quarter fiscal 2021 results on March 4, 2021, before the market opens. The results will cover the period ending January 30, 2021. Following the release, a conference call led by CEO Donald W. Duda and CFO Ronald Tsoumas is scheduled for 10:00 a.m. CST to discuss financial and operational highlights. Participants can join the call by dialing 888-506-0062 or 973-528-0011 for international calls. A replay will be available until March 18, 2021, via a dedicated phone line and the company's website.
Methode Electronics (NYSE: MEI) will present at the 23rd Annual Needham Virtual Growth Conference on January 12, 2021, at 10:00 a.m. EST. Interested parties can access a simultaneous webcast via the company’s website on the Investors page, where it will also be archived for later viewing.
As a global leader in custom engineered products, Methode operates across various sectors, including Automotive and Medical. The company boasts manufacturing facilities in multiple countries, emphasizing its extensive market reach and technology in electronics and sensing solutions.
Methode Electronics, Inc. (NYSE: MEI) has declared a quarterly dividend of $0.11 per share, payable on January 29, 2021. Shareholders of record as of January 15, 2021 will be eligible for this dividend. Methode Electronics specializes in custom engineered products across various sectors, including automotive, industrial, and medical markets. With a global presence and extensive manufacturing capabilities, the company continues to expand its product offerings in advanced technologies.
Methode Electronics (NYSE: MEI) reported record net sales of $300.8 million for Q2 fiscal 2021, up from $257.2 million year-over-year, driven by strong automotive segment growth and favorable foreign currency effects. Income from operations reached a record $45.0 million, while net income was $38.6 million ($1.01 per diluted share). The company generated $40.3 million in operating cash flow and reported a free cash flow of $36.7 million. For Q3, the outlook suggests net sales between $265 million to $285 million with EPS guidance of $0.69 to $0.85.
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