Methode Electronics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 28, 2023
December 07, 2023 at 07:00 am EST
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Methode Electronics, Inc. reported earnings results for the second quarter and six months ended October 28, 2023. For the second quarter, the company reported sales was USD 288 million compared to USD 315.9 million a year ago. Net loss was USD 55.3 million compared to net income of USD 27.6 million a year ago. Basic loss per share from continuing operations was USD 1.55 compared to basic earnings per share from continuing operations of USD 0.76 a year ago. Diluted loss per share from continuing operations was USD 1.55 compared to diluted earnings per share from continuing operations of USD 0.75 a year ago.
For the six months, sales was USD 577.7 million compared to USD 598.3 million a year ago. Net loss was USD 54.4 million compared to net income of USD 49.1 million a year ago. Basic loss per share from continuing operations was USD 1.52 compared to basic earnings per share from continuing operations of USD 1.35 a year ago. Diluted loss per share from continuing operations was USD 1.52 compared to diluted earnings per share from continuing operations of USD 1.33 a year ago.
Methode Electronics, Inc. is a supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East, and Asia. The Company operates through four segments: Automotive, Industrial, Interface and Medical. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile original equipment manufacturers (OEMs). The Industrial segment manufactures external lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as its PowerRail solution, high-current low-voltage flexible power cabling systems and powder-coated busbars. The Interface segment provides a variety of copper-based transceivers and user interface solutions. The Medical segment is made up of its medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention.
METHODE ELECTRONICS, INC. 
