Methode Electronics reports Q2 EPS 75c, consensus 63c

Reports Q2 revenue $315.9M, consensus $293.89M. President and Chief Executive Officer Donald W. Duda said, "Methode delivered strong sales in the quarter driven by our strategic efforts in power and lighting solutions. While our cost recovery actions are gaining traction, material cost inflation continues to challenge our margin expansion efforts. Despite the challenge, Methode delivered sequential earnings improvement over the first quarter and booked another strong quarter of EV program awards. Due to the ongoing inflationary cost environment, geopolitical risks, semiconductor shortages, and now an increased foreign currency headwind, additional uncertainty has been infused into our near-term outlook. As a result, we lowered the high end of our earnings guidance range for fiscal 2023. Despite these challenges, Methode is expecting another record year for sales and continued growth in EV applications."