Shares of custom-engineered solutions provider Methode Electronics (NYSE:MEI) are sliding lower today after the company announced preliminary fiscal 2023 numbers.
The company expects an impact on sales and earnings in fiscal 2024 owing to program roll-offs and challenges across commercial vehicles, data centers, and e-bikes. For fiscal 2023, net sales are anticipated at $1,183 million as compared to the earlier outlook between $1,155 million and $1,180 million. EPS for the year is now anticipated between $2.10 and $2.14 as compared to the previous range between $2.50 and $2.60.
Further, fiscal 2024 net sales are anticipated between $1,150 million and $1,200 million alongside EPS between $1.55 and $1.75. Additionally, the ‘early sunsetting of an EV program’ is expected to result in net sales between $1,250 million and $1,350 million in fiscal 2025.
MEI is scheduled to announce fourth-quarter numbers on June 22. Analysts expect the company to post an EPS of $0.65 for the quarter as compared to $0.43 in the year-ago period.
Today’s price decline comes after a nearly 9.3% rise in MEI shares over the past three months.
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