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Aug 01, 2020
Methode Q1 2021 Earnings Report
Methode reported a decrease in net sales and net income due to the COVID-19 pandemic's impact on the Automotive and Industrial segments.
Key Takeaways
Methode Electronics reported a decrease in net sales to $190.9 million compared to $270.2 million in the same quarter of fiscal 2020, primarily due to lower sales volume in the Automotive and Industrial segments as a result of the COVID-19 pandemic. Net income was $20.7 million, or $0.54 per diluted share, compared to $28.3 million, or $0.75 per diluted share, in the same quarter of fiscal 2020.
Net sales were $190.9 million.
Net income was $20.7 million, or $0.54 per diluted share.
Selling and administrative expense decreased $5.8 million from fiscal first quarter 2020.
EBITDA was $29.3 million.
Revenue by Segment
Forward Guidance
The company expects net sales in the fiscal second quarter of 2021 to improve sequentially and be in the range of $230 to $250 million.
Positive Outlook
- Demand experienced in the latter half of the first quarter
- Demand seen early in the second quarter
- Increase in awards for EV and hybrid programs
- Awards from busbars
- Awards from lead frames to interior and exterior lighting systems
Challenges Ahead
- Market uncertainty
- Ongoing pandemic
- Subject to disruption at any time
- Variety of factors
- Near-term outlook
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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