Methode Electronics sees FY24 EPS $1.55 -$1.75., consensus $2.58

Sees FY24 revenue $ $1.15B- $1.2B, consensus $1.21B. The lower earnings are largely due to additional costs to support new program launches and the impact from program roll offs as well as market headwinds in the higher margin Industrial segment. Both ranges include the expected positive financial impact from the recent Nordic Lights Group Corporation acquisition. For fiscal 2025, the company expects net sales to be in the range of $1,250 to $1,350M and income from operations as a percentage of net sales to be in a range of 11% to 12%. This net sales range expectation for fiscal 2025 is below the company’s previously announced three-year organic sales compounded annual growth rate target of 6% primarily due to the unexpected early sunsetting of an EV program in fiscal 2024 due to a change in technology by the customer. However