Methode Electronics Reports Fiscal Q2 2025 Financial Results and Raises Guidance

December 5, 2024

DENVER, Colo., Dec 05, 2024 (247marketnews.com)- Methode Electronics (NYSE: MEI) reported its second quarter of fiscal 2025 financial results and income from operations was $9.4 million, compared to a loss of $51.3 million for the second quarter of fiscal 2024, which was largely due to a $56.5 million goodwill impairment charge in 2024, and net sales grew to $292.6 million, compared to $288.0 million for the same quarter of fiscal 2024.

Jon DeGaynor, President and CEO, commented, “The team is energized, and these results demonstrate that we are heading in the right direction. Our sales in the quarter were the highest that we have reported since fiscal 2023, and our pre-tax income returned to positive territory. Our bookings remained solid, and our EV sales activity is steadily growing.

“We continue to navigate the challenging transition from a portfolio that is primarily user interface products to one that is more balanced with the growth of power and lighting solutions, which is driving our 50 plus new program launches. In addition, our key markets of automotive and commercial vehicles continue to experience well-known headwinds. Despite these challenges and this environment, we are maintaining our previous sales guidance and raising our adjusted pre-tax income guidance for fiscal 2025.

“This guidance is based on the current forecasts from our customers and other third-party sources, both of which have seen recent volatility. Our immediate focus remains on executing program launches and taking decisive actions to control costs; while continuing to build the executive team such as we did with the recent appointment of the Senior Vice President of our Global Automotive Business.”

Methode Electronics reaffirmed its expectation for fiscal 2025net sales to be similar to fiscal 2024 but raised its adjusted pre-tax income expectation from approaching breakeven to approximately breakeven, while expectations fiscal 2026 are for net sales to be greater than fiscal 2025 and pre-tax income to be positive and notably greater than fiscal 2025.

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