Methode Electronics reports Q4 EPS 22c vs 43c last year

Reports Q4 revenue $301.2M vs $288.7M last year. President and Chief Executive Officer Donald W. Duda said, “Methode had strong sales in the quarter led by our lighting and power distribution solutions, and our EV application sales set another record. Material cost inflation continues to significantly challenge our margins, but we were still able to deliver strong free cash flow. The main highlight of the quarter was new awards of over $250 million, with over 80% being in EV applications. We have now won $600 million in EV awards over the past three years.” Duda added, “As our business continues to transition away from user interface towards more lighting and power solutions, our fiscal 2024 will see significant investment to support over 20 new program launches. This transition investment combined with the impact of legacy program roll offs will cause us to see lower earnings in fiscal 2024. However, the strong award pipeline along with an expected rebound in the commercial vehicle, data center and e-bike markets will position us to deliver significant organic sales and earnings growth in fiscal 2025 over fiscal 2024.”