Methode Electronics reports Q2 EPS ($1.55) vs 75c last year

Reports Q2 revenue $288M vs $315.8M last year. President and Chief Executive Officer Donald Duda said, “Methode had solid sales in the quarter. However, headwinds related to auto program roll offs, a difficult year-over-year comparison in Asia, continued softness in the e-bike market, and the impact from the UAW strike all contributed to our decreased sales. In addition to the lower sales, operational inefficiencies in our North American Auto operations, that were identified last quarter, continued to drive higher premium freight, labor, and material costs. Together, these challenges, along with increased expenses related to program launches, led to an adjusted earnings shortfall relative to our guidance.”