MEI - Methode Electronics Shares Slump As Looming Softness In EV market & UAW Strikes Weigh On Q2 Earnings Lowers Guidance | Benzinga
Methode Electronics, Inc. (NYSE: MEI) reported a second-quarter FY24 net sales decline of 8.8% year-on-year to $288 million, missing the consensus of $292.82 million.
Methode was ailed by lower Automotive segment sales in all geographic regions, which marred quarterly performance.
Adjusted EPS of $0.06 missed the consensus of $0.12. The impact of the UAW strike on earnings was $0.03 per share.
Segments: Automotive segment's net sales were $154.3 million, down from $196.9 million. Net sales for the Industrial segment were $120.4 million, up from $103.8 million.
Sales at ...