Methode Electronics Inc. Files 10-Q for Period Ending January 27, 2024

TL;DR

<b>Methode Electronics Inc. filed its quarterly report (10-Q) on March 7, 2024, detailing financial information for the period ending January 27, 2024.</b>

AI Summary

METHODE ELECTRONICS INC (MEI) filed a Quarterly Report (10-Q) with the SEC on March 7, 2024. Filing Type: 10-Q. Reporting Period End Date: 2024-01-27. Company: Methode Electronics Inc. Filing Date: 2024-03-07. Fiscal Year End: 0429.

Why It Matters

For investors and stakeholders tracking METHODE ELECTRONICS INC, this filing contains several important signals. This 10-Q filing provides crucial insights into Methode Electronics' financial performance and position during the specified quarter, essential for investors and analysts to assess the company's health. The filing includes detailed financial statements, risk factors, and other disclosures that are vital for understanding the company's operational status and future outlook.

Risk Assessment

Risk Level: low — METHODE ELECTRONICS INC shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial disclosures and does not indicate any immediate or significant negative events.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for Methode Electronics.

Key Numbers

• 2024-01-27 — Reporting Period End Date (10-Q Filing)
• 2024-03-07 — Filing Date (10-Q Filing)
• 0429 — Fiscal Year End (Company Data)
• 001-33731 — SEC File Number (Filing Values)

Key Players & Entities

• METHODE ELECTRONICS INC (company) — Filer Name
• 0000950170-24-027579 (other) — Accession Number
• 2024-01-27 (date) — Conformed Period of Report
• 2024-03-07 (date) — Filed as of Date
• CHICAGO (location) — Business Address City
• IL (location) — Business Address State
• 60631 (other) — Business Address Zip
• 7088676777 (phone) — Business Phone

FAQ

Industry Context

Methode Electronics Inc. operates in the electronic components industry, specifically focusing on manufacturing and selling interconnect products.

Regulatory Implications

The filing is a 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for the quarter ended January 27, 2024.
2. Review any disclosed risk factors or management's discussion and analysis (MD&A) for potential business challenges or opportunities.
3. Compare key financial metrics to previous periods to identify trends and assess performance changes.

Key Dates

• 2024-01-27: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending January 27, 2024. Comparative data from previous filings is not yet available in this extract.

Key Financial Figures

• $0.50 — nge on which registered Common Stock, $0.50 Par Value MEI New York Stock Exchan

Filing Documents

• mei-20240127.htm (10-Q) — 2885KB
• mei-ex10_2.htm (EX-10.2) — 52KB
• mei-ex10_3.htm (EX-10.3) — 48KB
• mei-ex10_4.htm (EX-10.4) — 54KB
• mei-ex10_5.htm (EX-10.5) — 54KB
• mei-ex31_1.htm (EX-31.1) — 13KB
• mei-ex31_2.htm (EX-31.2) — 13KB
• mei-ex32.htm (EX-32) — 11KB
• img74472834_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-027579.txt (&nbsp;) — 13237KB
• mei-20240127.xsd (EX-101.SCH) — 1461KB
• mei-20240127_htm.xml (XML) — 3082KB

Financial Statements

Financial Statements Condensed Consolidated Statements of Income (unaudited) - Three and Nine Months Ended January 27, 2024 and January 28, 2023 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) - Three and Nine Months Ended January 27, 2024 and January 28, 2023 3 Condensed Consolidated Balance Sheets as of January 27, 2023 (unaudited) and April 29, 2023 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) - Three and Nine Months Ended January 27, 2024 and January 28, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - Nine Months Ended January 27, 2024 and January 28, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 5. Other Information 37 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 Table of Contents

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATE MENTS OF INCOME (Unaudited) (in millions, except per share data) Three Months Ended Nine Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Net sales $ 259.5 $ 280.1 $ 837.2 $ 878.4 Cost of products sold 222.5 215.2 693.9 677.6 Gross profit 37.0 64.9 143.3 200.8 Selling and administrative expenses 33.9 32.9 119.3 104.8 Goodwill impairment — — 56.5 — Amortization of intangibles 6.1 4.7 18.0 14.1 (Loss) income from operations ( 3.0 ) 27.3 ( 50.5 ) 81.9 Interest expense, net 5.0 0.8 12.2 1.3 Other expense (income), net 2.5 3.5 2.3 ( 1.7 ) Pre-tax (loss) income ( 10.5 ) 23.0 ( 65.0 ) 82.3 Income tax expense 1.1 3.1 1.0 13.3 Net (loss) income ( 11.6 ) 19.9 ( 66.0 ) 69.0 Net income attributable to redeemable noncontrolling interest — — — — Net (loss) income attributable to Methode $ ( 11.6 ) $ 19.9 $ ( 66.0 ) $ 69.0 (Loss) income per share attributable to Methode: Basic $ ( 0.33 ) $ 0.56 $ ( 1.86 ) $ 1.91 Diluted $ ( 0.33 ) $ 0.54 $ ( 1.86 ) $ 1.87 Cash dividends per share $ 0.14 $ 0.14 $ 0.42 $ 0.42 See notes to condensed consolidated financial statements. 2 Table of Contents METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS O F COMPREHENSIVE INCOME (Unaudited) (in millions) Three Months Ended Nine Months Ended January 27, 2024 January 28, 2023 January 27, 2024 January 28, 2023 Net (loss) income $ ( 11.6 ) $ 19.9 $ ( 66.0 ) $ 69.0 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 13.7 37.1 ( 9.0 ) 6.5 Derivative financial instruments ( 2.0 ) ( 4.4 ) ( 3.2

View Full Filing

View this 10-Q filing on SEC EDGAR