Methode Electronics reports developments tied to its custom-engineered mechatronic solutions for OEM customers, including user interface systems, lighting, power distribution and sensor applications. The company serves transportation, cloud computing infrastructure, construction equipment and consumer appliance end markets through Automotive, Industrial and Interface segments.
Recurring news covers fiscal operating results, margin and sales commentary, transformation and portfolio-refinement actions, dividends, and investor conference appearances. Company updates also address power-solution strategy, facility-footprint actions, and completed divestitures such as the sale of the dataMate copper transceiver business.
Methode Electronics (NYSE: MEI) reported preliminary financial results for Fiscal 2020, expecting net sales of approximately $1.02 billion, a 2% increase year-over-year, despite a negative impact of $85 million in the fourth quarter due to COVID-19 production shutdowns. The income before taxes is projected between $147 million and $149 million, and diluted earnings per share are expected to range from $3.22 to $3.28. The company has taken proactive steps to manage liquidity amidst uncertainties while forecasting a record year in sales.