Methode Electronics Inc · Q2 2022 earnings

Briefing

Methode's financial performance decreased due to supply chain disruptions and lower sales volumes in the Automotive segment, offset by higher sales volumes in the Industrial segment.

Methode Electronics reported a decrease in net sales by 1.8% to $295.5 million, with net income decreasing to $27.5 million, or $0.72 per diluted share. The company experienced lower sales in the Automotive segment due to semiconductor shortages, but saw strong performance in the Industrial segment. Methode also executed $34.8 million in share buybacks during the quarter.

• Net sales were $295.5 million, a 1.8% decrease compared to the same quarter of fiscal 2021.
• Net income was $27.5 million, or $0.72 per diluted share, down from $38.6 million, or $1.01 per diluted share, in the same quarter of fiscal 2021.
• Electric and hybrid vehicle applications accounted for 16% of net sales, marking a record in dollar terms.
• The company purchased 807,516 shares of its common stock for $34.8 million during the quarter.

Headline financials

Revenue & EPS history

For fiscal year 2022, the company revised its expectation for net sales to be in the range of $1,140 to $1,160 million and diluted earnings per share to a range of $3.00 to $3.20, subject to ongoing supply chain disruptions and the COVID-19 pandemic.