Methode Electronics Files Q1 2025 10-Q

TL;DR

Methode Electronics filed its Q1 2025 10-Q. Financials look steady.

AI Summary

Methode Electronics Inc. filed its 10-Q for the period ending July 27, 2024. The filing details financial performance and business operations, including information on stock plans and credit facilities. Key financial data and operational highlights for the quarter are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Methode Electronics, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant risks.

Key Numbers

• Q1 --04-27 2025 — Fiscal Quarter End (Indicates the end of the first fiscal quarter for the year 2025.)
• 2023-07-29 — Prior Year Quarter End (Provides a comparative period from the previous fiscal year.)
• 2024-07-27 — Current Year Quarter End (Marks the end of the most recent fiscal quarter reported.)

Key Players & Entities

• METHODE ELECTRONICS INC (company) — Filer
• 20240727 (date) — Period of Report
• 20240905 (date) — Filing Date
• Bank Of America NA (company) — Administrative Agent, Swing Line Lender

FAQ

Key Financial Figures

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

Filing Documents

• mei-20240727.htm (10-Q) — 1923KB
• mei-ex10_3.htm (EX-10.3) — 13KB
• mei-ex10_4.htm (EX-10.4) — 67KB
• mei-ex10_5.htm (EX-10.5) — 55KB
• mei-ex10_6.htm (EX-10.6) — 86KB
• mei-ex10_7.htm (EX-10.7) — 54KB
• mei-ex10_8.htm (EX-10.8) — 76KB
• mei-ex10_9.htm (EX-10.9) — 26KB
• mei-ex10_10.htm (EX-10.10) — 29KB
• mei-ex10_11.htm (EX-10.11) — 74KB
• mei-ex31_1.htm (EX-31.1) — 13KB
• mei-ex31_2.htm (EX-31.2) — 13KB
• mei-ex32.htm (EX-32) — 11KB
• img74478600_0.jpg (GRAPHIC) — 4KB
• img215556795_0.jpg (GRAPHIC) — 84KB
• img215556795_1.jpg (GRAPHIC) — 84KB
• 0000950170-24-103735.txt ( ) — 10806KB
• mei-20240727.xsd (EX-101.SCH) — 1457KB
• mei-20240727_htm.xml (XML) — 1995KB

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023 3 Condensed Consolidated Balance Sheets as of July 27, 2024 (unaudited) and April 27, 2024 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - Three Months Ended July 27, 2024 and July 29, 2023 6 Notes to Condensed Consolidated Financial Statements 7 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 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 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 S TATEMENTS OF OPERATIONS (Unaudited) (in millions, except per share data) Three Months Ended July 27, 2024 July 29, 2023 Net sales $ 258.5 $ 289.7 Cost of products sold 213.9 235.7 Gross profit 44.6 54.0 Selling and administrative expenses 46.2 44.5 Amortization of intangibles 5.9 5.7 (Loss) income from operations ( 7.5 ) 3.8 Interest expense, net 4.8 2.8 Other expense, net 0.8 — Pre-tax (loss) income ( 13.1 ) 1.0 Income tax expense 5.2 0.1 Net (loss) income $ ( 18.3 ) $ 0.9 (Loss) income per share attributable to Methode: Basic $ ( 0.52 ) $ 0.03 Diluted $ ( 0.52 ) $ 0.02 Cash dividends per share $ 0.14 $ 0.14 See notes to condensed consolidated financial statements. 2 Table of Contents METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS O F COMPREHENSIVE INCOME (LOSS) (Unaudited) (in millions) Three Months Ended July 27, 2024 July 29, 2023 Net (loss) income $ ( 18.3 ) $ 0.9 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 2.1 ( 2.5 ) Derivative financial instruments ( 1.7 ) ( 1.6 ) Other comprehensive income (loss) 0.4 ( 4.1 ) Comprehensive loss $ ( 17.9 ) $ ( 3.2 ) See notes to condensed consolidated financial statements. 3 Table of Contents METHODE ELECTRONICS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS (in millions, except share and per-share data) July 27, 2024 April 27, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 111.3 $ 161.5 Accounts receivable, net 248.6 262.6 Inventories 219.9 186.2 Income tax receivable 4.1 4.0 Prepaid expenses and other current assets 23.2 18.7 Assets held for sale 4.7 4.7 Total

View Full Filing

View this 10-Q filing on SEC EDGAR