MEI - Methode Electronics Shares Fall On Mixed Q1 Earnings Results & Dismal Outlook | Benzinga
Methode Electronics, Inc. (NYSE: MEI) reported a first-quarter FY24 net sales growth of 2.6% year-on-year to $289.7 million, beating the consensus of $287.75 million.
Adjusted EPS of $0.06 missed the consensus of $0.23.
Methode was ailed by operational inefficiencies in its North American Auto operations in Q1 owing to labor and vendor issues. These issues led to planning deficiencies, inventory shortages, unrecoverable spot purchases, and delayed shipments. These operational challenges and some accelerated expenses related to program launches led to an earnings shortfall.
Segments: The Automotive segment's net sales were $158.3 million, down from $176.6 million in the ...