2023-06-12 16:59:48 ET
Methode Electronics ( NYSE: MEI ) on Monday provided preliminary results for fiscal years 2023, 2024 and 2025.
MEI said it now expects revenue of about $1.183B for FY 2023, compared to an earlier anticipated range of $1.155B to $1.18B. The consensus revenue estimate is $1.17B.
MEI slashed its GAAP EPS expectations for FY 2023 to a range of $2.10 to $2.14 from a prior range of $2.50 to $2.60. The consensus EPS estimate is $2.51.
Methode ( MEI ) stock slipped 9% to $40.98 after hours.
"During the fourth quarter of fiscal 2023, the company experienced a significant impact to its earnings performance due to acquisition costs, higher than expected professional fees, various discrete tax expense items, a mix of lower margin sales, currency hedging inefficiencies, and other higher costs," MEI said in a statement .
Additionally, for fiscal 2024, MEI said it anticipated EPS of $1.55 to $1.75 on revenue of $1.15B to $1.20B. The consensus estimates are $2.58 and $1.19B, respectively.
"We expect lower sales and earnings in fiscal 2024 due to program roll-offs as well as market headwinds in commercial vehicles, data centers, and e-bikes," MEI CEO Donald Duda said.
Finally, for fiscal 2025, MEI said it expects net sales to be in the range of $1.25B to $1.35B, versus consensus of $1.30B.
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Methode Electronics cuts FY 2023 EPS expectations, stock slips 9% after hours