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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.
Methode
Methode
Methode Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comIndustrial Revenue
CapyFin.comInterface Revenue
CapyFin.com 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