Methode Electronics 10-Q Filed: Q2 Performance Details

TL;DR

**METHODE ELECTRONICS 10-Q FILED: Q2 RESULTS OUT, FOCUS ON AUTO & INDUSTRIAL SEGMENTS.**

AI Summary

Methode Electronics Inc. filed its 10-Q for the period ending November 2, 2024. The filing details financial performance across its various segments, including Automotive and Industrial, with specific mentions of North America and EMEA regions. Key financial data points and segment information are provided, reflecting the company's operational status and financial health during the reporting quarter.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Methode Electronics, crucial for understanding the company's current business trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a routine 10-Q, but the nature of the business and the disclosed segments (Automotive, Industrial) can be subject to market volatility and economic cycles.

Key Numbers

• N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• 2024-11-02 — Fiscal Period End (The end date of the reporting quarter.)

Key Players & Entities

• METHODE ELECTRONICS INC (company) — Filer of the 10-Q
• 20241102 (date) — End of the reporting period
• Automotive (business_segment) — Key operating segment
• Industrial (business_segment) — Key operating segment
• North America (location) — Geographic region mentioned
• EMEA (location) — Geographic region mentioned

FAQ

Key Financial Figures

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

Filing Documents

• mei-20241102.htm (10-Q) — 3147KB
• mei-ex10_2.htm (EX-10.2) — 65KB
• mei-ex10_3.htm (EX-10.3) — 49KB
• mei-ex10_4.htm (EX-10.4) — 88KB
• mei-ex10_5.htm (EX-10.5) — 53KB
• mei-ex10_6.htm (EX-10.6) — 76KB
• mei-ex10_7.htm (EX-10.7) — 29KB
• mei-ex31_1.htm (EX-31.1) — 14KB
• mei-ex31_2.htm (EX-31.2) — 14KB
• mei-ex32.htm (EX-32) — 11KB
• img74502558_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-133526.txt ( ) — 14338KB
• mei-20241102.xsd (EX-101.SCH) — 1470KB
• mei-20241102_htm.xml (XML) — 3377KB

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations (unaudited) - Three and Six Months Ended November 2, 2024 and October 28, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - Three and Six Months Ended November 2, 2024 and October 28, 2023 3 Condensed Consolidated Balance Sheets as of November 2, 2024 (unaudited) and April 27, 2024 4 Condensed Consolidated Statements of Shareholders' Equity (unaudited) - Three and Six Months Ended November 2, 2024 and October 28, 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended November 2, 2024 and October 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 27 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 1

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 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 Six Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 (14 Weeks) (13 Weeks) (27 Weeks) (26 Weeks) Net sales $ 292.6 $ 288.0 $ 551.1 $ 577.7 Cost of products sold 234.7 235.7 448.6 471.4 Gross profit 57.9 52.3 102.5 106.3 Selling and administrative expenses 42.6 40.9 88.8 85.4 Goodwill impairment — 56.5 — 56.5 Amortization of intangibles 5.9 6.2 11.8 11.9 Income (loss) from operations 9.4 ( 51.3 ) 1.9 ( 47.5 ) Interest expense, net 6.2 4.4 11.0 7.2 Other expense (income), net 1.6 ( 0.2 ) 2.4 ( 0.2 ) Pre-tax income (loss) 1.6 ( 55.5 ) ( 11.5 ) ( 54.5 ) Income tax expense (benefit) 3.2 ( 0.2 ) 8.4 ( 0.1 ) Net loss $ ( 1.6 ) $ ( 55.3 ) $ ( 19.9 ) $ ( 54.4 ) Loss per share: Basic $ ( 0.05 ) $ ( 1.55 ) $ ( 0.56 ) $ ( 1.52 ) Diluted $ ( 0.05 ) $ ( 1.55 ) $ ( 0.56 ) $ ( 1.52 ) Cash dividends per share $ 0.14 $ 0.14 $ 0.28 $ 0.28 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 Six Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 (14 Weeks) (13 Weeks) (27 Weeks) (26 Weeks) Net loss $ ( 1.6 ) $ ( 55.3 ) $ ( 19.9 ) $ ( 54.4 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustments ( 0.5 ) ( 20.2 ) 1.6 ( 22.7 ) Derivative financial instruments ( 0.9 ) 0.4 ( 2.6 ) ( 1.2 )

View Full Filing

View this 10-Q filing on SEC EDGAR