Methode Electronics, Inc. revised earnings guidance for the full fiscal year 2024 and 2025. For fiscal 2024 full year, the company continues to expects net sales to be in a range of $1,140 million to $1,180 million. The company has revised diluted earnings per share to be in a range of -$1.40 to -$1.14, down from the previous range of $0.80 to $1.00. The lower range is mainly due to the goodwill impairment, operational inefficiencies, product mix, the lower second quarter results, and other higher costs.

For the year 2025, company now expects net sales to be in a range of $1,150 to $1,250 million, as compared to the previous range of $1,250 to $1,350 million. The lower range is mainly due to expected customer delays with EV programs and program roll offs. The company has also revised income from operations as a percentage of net sales to be in a range of 6% to 8%, as compared to the previous range of 11% to 12%. The lower rate is mainly due to the lower expected net sales.