NYSE$MEI
Methode Electronics Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Methode reported mixed results with strong sales offset by operational inefficiencies, leading to lowered earnings guidance for the full year.
Methode Electronics reported net sales of $289.7 million for Q1 2024, an increase from $282.4 million in the same quarter of fiscal 2023. However, net income decreased to $0.9 million, or $0.02 per diluted share, compared to $21.5 million, or $0.58 per diluted share, in the same quarter of the previous year. The company experienced operational inefficiencies in its North American Auto operations, which negatively impacted earnings.
- Net sales increased to $289.7 million, with electric and hybrid vehicle applications accounting for 22% of net sales.
- Net income decreased to $0.9 million, or $0.02 per diluted share.
- Operational inefficiencies in North American Auto operations and accelerated expenses related to program launches led to an earnings shortfall.
- The company was awarded programs with expected annual sales of over $70 million.
Headline financials
Revenue & EPS history
Methode · Revenue · Quarterly
$290M
Revenue by segment
Methode · $289M total across 3 segments · Q1 2024
- Automotive$158M-10.4%54.8%
- Industrial$115M+25.3%39.9%
- Interface$15.2M+16.9%5.3%
Forward guidance
For the second quarter of fiscal 2024, Methode expects net sales to be in the range of $285 to $295 million and diluted earnings per share to be in the range of $0.08 to $0.13. For the full fiscal year 2024, the company expects net sales to be in the range of $1,140 to $1,180 million and diluted earnings per share to be in the range of $0.80 to $1.00.
Tailwinds
- Net sales for Q2 are expected to be between $285 and $295 million.
- Adjusted diluted earnings per share for Q2 are expected to be between $0.12 and $0.17.
- Net sales for fiscal year 2024 are expected to be between $1,140 and $1,180 million.
- Adjusted diluted earnings per share for fiscal year 2024 are expected to be between $0.88 and $1.08.
- Operational inefficiencies experienced in Q1 are expected to be resolved by Q3.
Headwinds
- Diluted earnings per share for Q2 are expected to be between $0.08 and $0.13.
- Diluted earnings per share for fiscal year 2024 are expected to be between $0.80 and $1.00, down from the previous range of $1.55 to $1.75.
- Operational inefficiencies experienced in Q1 are expected to similarly impact Q2 earnings.
- A significant weakening in the e-bike market is expected to impact earnings.
- The cost from operational inefficiencies experienced in the first quarter are expected to similarly impact the second quarter earnings
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2024
-1.1%
Avg return
Earnings day
-3.2%
Avg return
5 days after
-6.2%
Avg return
30 days after
46%
30 / 65 earnings
Positive
+46.2%
Q4 2024
Best reaction
-32.9%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | -12.6% | -22.3% | -22.5% | |
| Q2 2026 | -11.2% | -21.5% | -22.9% | |
| Q1 2026 | +12.8% | +9.1% | -7.8% | |
| Q4 2025 | +0.1% | -2.2% | -27.2% | |
| Q3 2025 | -28.9% | -34.7% | -41.1% | |
| Q2 2025 | +9.6% | +12.6% | +5.9% | |
| Q1 2025 | -3.2% | -3.0% | +10.1% | |
| Q4 2024 | +46.2% | +47.1% | +7.2% | |
| Q3 2024 | -32.9% | -37.0% | -42.8% | |
| Q2 2024 | -11.8% | -12.6% | -14.0% | |
| Q1 2024 | -22.2% | -24.1% | -21.8% | |
| Q4 2023 | -12.7% | -15.3% | -25.0% | |
| Q3 2023 | -9.8% | -11.7% | -12.4% | |
| Q2 2023 | +10.0% | +5.5% | -2.9% | |
| Q1 2023 | -2.8% | -4.9% | -8.2% | |
| Q4 2022 | -0.1% | -10.9% | -18.5% | |
| Q3 2022 | -5.3% | -7.8% | -5.0% | |
| Q2 2022 | +0.9% | +1.3% | +9.7% | |
| Q1 2022 | -10.3% | -8.2% | -8.7% | |
| Q4 2021 | +1.9% | +2.3% | -4.3% | |
| Q3 2021 | +5.6% | +10.6% | +6.6% | |
| Q2 2021 | +5.0% | +6.4% | +7.1% | |
| Q1 2021 | -2.4% | -4.8% | -4.8% | |
| Q4 2020 | -7.5% | -6.0% | -6.8% | |
| Q3 2020 | +2.0% | -4.3% | -15.8% | |
| Q2 2020 | +14.3% | +13.5% | +8.6% | |
| Q1 2020 | +11.7% | +11.2% | +19.6% | |
| Q4 2019 | -1.2% | +0.6% | +7.8% | |
| Q3 2019 | +6.0% | +9.6% | +7.5% | |
| Q2 2019 | -23.0% | -24.8% | -22.8% | |
| Q1 2019 | -2.3% | -1.5% | -10.8% | |
| Q4 2018 | -11.2% | -8.4% | -13.5% | |
| Q3 2018 | +1.0% | +1.1% | -0.9% | |
| Q2 2018 | -7.3% | -12.1% | -9.3% | |
| Q1 2018 | +0.9% | -2.1% | +7.1% | |
| Q4 2017 | +4.8% | +5.3% | +4.8% | |
| Q3 2017 | +2.7% | +0.8% | +5.2% | |
| Q2 2017 | +9.2% | +9.4% | +5.3% | |
| Q1 2017 | -3.7% | -2.8% | -4.6% | |
| Q4 2016 | +6.0% | +6.6% | +15.2% | |
| Q3 2016 | -1.3% | — | — | |
| Q2 2016 | -8.0% | — | — | |
| Q1 2016 | +17.3% | — | — | |
| Q4 2015 | -29.4% | — | — | |
| Q3 2015 | +6.1% | — | — | |
| Q2 2015 | -16.7% | — | — | |
| Q1 2015 | +19.0% | — | — | |
| Q4 2014 | +11.4% | — | — | |
| Q3 2014 | -14.9% | — | — | |
| Q2 2014 | +43.4% | — | — | |
| Q1 2014 | +35.5% | — | — | |
| Q4 2013 | +10.1% | — | — | |
| Q3 2013 | +5.2% | — | — | |
| Q2 2013 | -6.7% | — | — | |
| Q1 2013 | +4.9% | — | — | |
| Q4 2010 | +7.6% | — | — | |
| Q4 2012 | +7.6% | — | — | |
| Q3 2012 | -2.6% | — | — | |
| Q3 2011 | -2.6% | — | — | |
| Q2 2011 | -6.9% | — | — | |
| Q2 2012 | -6.9% | — | — | |
| Q1 2011 | -18.3% | — | — | |
| Q1 2012 | -18.3% | — | — | |
| Q4 2011 | -18.3% | — | — | |
| Q3 2010 | -16.6% | — | — |
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