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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, 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 The event will be accessible via a webcast on the company's website, which will also include an archived version for later viewing.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.
Methode Electronics, Inc. (NYSE: MEI) announced its upcoming release of third-quarter fiscal 2022 results for the period ending January 29, 2022, scheduled for March 3, 2022, before market opens. The financial and operational highlights will be discussed in a conference call at 10:00 a.m. CST, led by President and CEO Donald W. Duda and CFO Ronald L. G. Tsoumas. Interested participants can dial in or access a webcast through the company’s website. A replay of the call will be available until March 17, 2022.
Methode Electronics, Inc. (NYSE: MEI) will present at the Sidoti Small Cap Virtual Investor Conference on January 19, 2022, at 4:00 p.m. EST. The presentation will be accessible through the company's website, www.methode.com, where a recorded version will also be available post-event.
Methode Electronics specializes in custom-engineered solutions for user interfaces, LED lighting, and power distribution, serving diverse markets including automotive, medical devices, and construction equipment. Their operations extend across North America, Europe, the Middle East, and Asia.