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Jul 30, 2022
Methode Q1 2023 Earnings Report
Methode's Q1 2023 financial results were announced, featuring record industrial segment sales and confirmation of fiscal 2023 sales and earnings guidance.
Key Takeaways
Methode Electronics reported net sales of $282.4 million and net income of $21.5 million for the first quarter of fiscal 2023. The company confirmed its fiscal 2023 sales and earnings guidance.
Net sales reached $282.4 million, with electric and hybrid vehicle applications contributing 17%.
Industrial segment achieved record sales of $92.1 million.
Net income amounted to $21.5 million, or $0.58 per diluted share.
The company repurchased 317,635 shares of its common stock for $11.9 million.
Methode
Methode
Methode Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comIndustrial Revenue
CapyFin.comInterface Revenue
CapyFin.com Forward Guidance
For the fiscal year 2023, the company confirmed its expectations for net sales to be in the range of $1,160 to $1,210 million and for diluted earnings per share to be in a range of $2.70 to $3.10.
Revenue & Expenses
Visualization of income flow from segment revenue to net income