CHICAGO, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, lighting, and power distribution applications, announced today that its board of directors has declared a quarterly dividend of $0.14 per share to be paid on January 31, 2025, to common stockholders of record at the close of business on January 17, 2025. About Methode Electronics, Inc.Methode Electronics, Inc. (NYSE: MEI) is a leading global supplier ...

Financial Data and Key Metrics - Q2 2025 sales were $293 million, with adjusted pretax income of $9 million, benefiting from an extra week in the fiscal year [8] - Sales increased by 2% year-over-year to $292.6 million, with a 13% sequential increase from Q1 2025 [24] - Adjusted income from operations was $14.3 million, up $8.3 million year-over-year and $19 million sequentially [26] - Adjusted EBITDA was $26.7 million, up $5.5 million year-over-year and $16.9 million sequentially [27] - Adjusted pretax income was $6.2 million, up $3.8 million year-over-year and $15.3 million sequentially [28] - Adjusted diluted EPS increased to $0.14 from $0.06 year-over-year and $0.45 sequentially [29] - Net cash from operating activities was negative $48 million, primarily due to a timing issue with accounts payable [32] Business Line Performance - EV sales accounted for 20% of total sales, up from 18% in Q1 2025, with expectations to exceed 20% for the full fiscal year [11] - Power Products sales into data centers grew both year-over-year and sequentially, contributing to overall sales growth [25] - Lighting business faced headwinds due to weak demand in the commercial vehicle market [8][25] Market Performance - Data center market showed strong growth, with sales up 50% year-over-year, representing 3%-5% of total sales [42] - EV market softened in North America, but new program launches helped mitigate the impact [11] - Commercial vehicle market weakness continued to affect the lighting business [8][25] Company Strategy and Industry Competition - The company is focused on executing over 30 program launches in fiscal 2025 and 20-plus in fiscal 2026, primarily in EV, traditional auto, and defense sectors [13][14] - A "One Methode" mindset is being reinvigorated to align global teams, with key executive appointments to strengthen leadership [15][16][17] - The company is investing in compliance resources and processes following an SEC subpoena [20] Management Commentary on Operating Environment and Future Outlook - Management highlighted tailwinds from data center growth and headwinds from automotive and commercial vehicle demand [11][18] - The company expects flat sales for fiscal 2025 but raised adjusted pretax income guidance to approximately breakeven [20] - Q3 is historically the weakest quarter due to holidays and customer shutdowns, with potential for a pretax loss [34] Other Important Information - The company ended the quarter with $97 million in cash, down $64.5 million, due to elevated program launch activity and inventory investment [31] - Free cash flow was negative $58.4 million, primarily due to the accounts payable timing issue [32] - The company is reaffirming fiscal 2026 guidance for higher sales and positive pretax income compared to fiscal 2025 [34] Q&A Session Summary Question: Impact of the extra week on revenue and operating results - The extra week contributed approximately $20 million in revenue and corresponding operating results [38] Question: Cost control measures beyond freight cost reduction - Overhead thinning and improved scrap activities contributed to operating income improvement [40] Question: New orders related to EV market - The majority of new orders were related to EV and power programs [41] Question: Data center market growth - Data center sales grew 50% year-over-year, representing 3%-5% of total sales, with above-average margins [42] Question: Pretax income outlook for Q3 - Q3 is expected to be challenging due to seasonal factors, but no one-off positive impacts were noted in Q2 [47] Question: Program launch status and geographic risks - Many launches are in final development or ramp-up phases, with potential delays in EV program starts, particularly in Europe and North America [49] Question: Stellantis program updates - Stellantis remains a key customer, with some timing shifts in EV launches, but the company is not overly exposed to Stellantis or the EV market [51] Question: Data center segment breakdown and AI impact - Data center growth is driven by both AI and core data center demand, with opportunities to expand capabilities in this space [53] Question: Interest expense and inventory reserve reversal - Interest expense is expected to remain at $6.2 million per quarter, with a $0.5 million inventory reserve reversal in the Interface segment [59][60] Question: Premium freight cost normalization - Premium freight costs are not yet normalized, with a $7 million reduction quarter-over-quarter, and further improvements expected [61] Question: New business sources beyond Stellantis - New business is balanced between European, North American, and Japanese OEMs, with launches split between Europe and North America [63] Question: EV market projections and sales determination - The company uses customer data, third-party forecasts, and internal expertise to validate EV sales projections, considering regional market penetration [66][67] Question: Commercial vehicle market assumptions - Commercial vehicle market assumptions remain unchanged, with a focus on deepening customer relationships [70] Question: Operations improvement in Mexico - Operations in Mexico have transitioned from fixing issues to improving processes, with significant premium freight cost reductions [73] Question: CapEx reduction and timing changes - CapEx reduction is due to both lower required spending and timing changes based on customer program needs [74] Question: Cash outflow reversal expectations - The company expects to reverse some of the cash outflow in the next two quarters, approaching neutral cash flow by year-end [75]

Methode Electronics, Inc. Earnings Presentation Second Quarter Fiscal 2025 December 5, 2024 2 Forward-Looking Statements This presentation forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect, when made, our current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to our operations and business environment, which may cause our actual resul ...

Methode (MEI) came out with quarterly earnings of $0.14 per share, beating the Zacks Consensus Estimate of a loss of $0.17 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 182.35%. A quarter ago, it was expected that this maker of electrical components for the auto and computer industries would post a loss of $0.28 per share when it actually produced a loss of $0.31, delivering a su ...

Exhibit 99.1 Methode Electronics, Inc. Reports Fiscal 2025 Second Quarter Financial Results • Solid Net Sales • Positive Pre-tax Income • Over $50 Million in Program Awards • Guidance Raised for Fiscal 2025 Adjusted Pre-tax Income • Guidance Reaffirmed for Fiscal 2026 Chicago, IL – December 5, 2024 – Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, lighting and power distribution applications, today announced financial results for the second ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended November 2, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______ | --- | --- | |------------------------------------------------------------------------------------------------------------ ...

NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Methode Electronics Inc. (NYSE: MEI) on behalf of long-term stockholders following a class action complaint that was filed against Methode Electronics on August 26, 2024 with a Class Period from June 23, 2022 and March 6, 2024. Our investigation concerns whether the board of directors of Methode Electronics have breached their fiduciary dutie ...

Methode (MEI) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended October 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on December 5. On t ...

CHICAGO, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting system and power distribution applications, announced it will release its second quarter fiscal 2025 results for the period ended November 2, 2024, on Thursday, December 5, 2024, before the market opens. Following the release, the company will conduct a conference call and webcast to review financial and operational highlights led by its ...

GLEN BURNIE, Md., Nov. 1, 2024 /PRNewswire/ -- Broad Street Realty inaugurated a 2.4 MW(dc) rooftop solar project at its Cromwell Shopping Center in Glen Burnie, Maryland.  The 233,000 square foot shopping center anchored by an AutoZone mega hub and a Roses is hosting the solar project, which produces enough electricity to power over 1,000 homes in BG&E service territory in Maryland. The ballasted racking system is covered by 4,380 solar panels. Centennial Generating Company developed the project, which wa ...