Methode Electronics(US:MEI)2024-03-07 16:30Financial Performance - Net sales decreased by 7% from $280.1 million in FY23 Q3 to $259.5 million in FY24 Q3[47] - Income from operations significantly decreased from $27.3 million in FY23 Q3 to a loss of $3.0 million in FY24 Q3[38] - Diluted earnings per share decreased by 161% from $0.54 in FY23 Q3 to ($0.33) in FY24 Q3[50] - Adjusted EBITDA decreased by 74% from $36.1 million in FY23 Q3 to $9.4 million in FY24 Q3[56] - Net loss was $11.6 million for the three months ended January 27, 2024, compared to net income of $19.9 million for the three months ended January 28, 2023[8] Cash Flow and Debt - Free cash flow turned positive in Q3 FY24, reaching $12.2 million, compared to $42.9 million in FY23 Q3[20] - Net cash provided by operating activities decreased from $55.7 million in FY23 Q3 to $28.8 million in FY24 Q3[16] - Capital expenditure increased from $12.8 million in FY23 Q3 to $16.6 million in FY24 Q3[18] - Net debt increased from $149.8 million in FY23 Q4 to $208.4 million in FY24 Q3[12] Business Highlights - Electric vehicle (EV) sales accounted for 19% of consolidated sales in Q3 FY24 and 20% year-to-date, but faced headwinds due to program transitions[34] - The company purchased $3 million of shares during the quarter[35] - Program awards of over $20 million were secured[34]