Methode Electronics reports Q3 EPS (33c) vs 54c last year

Reports Q3 revenue $259.6M vs $280.1M last year. President and Chief Executive Officer Avi Avula said, “Our sales in the quarter were impacted by auto program roll-offs and persistent demand weakness in the e-bike and data center markets. While EV activity was a stable percentage of our sales, they were down from the previous year on a dollar basis. The lower sales volume and the impact from our ongoing operational inefficiencies in the Automotive segment, which were a combination of lingering challenges from the first half of the fiscal year and costs from program launch delays, drove the net loss in the quarter. Despite these challenges, we returned to positive free cash flow in the quarter.”