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Oct 29, 2022
Methode Q2 2023 Earnings Report
Methode reported record sales and earnings driven by power and lighting solutions.
Key Takeaways
Methode Electronics reported record sales of $315.9 million for the second quarter of fiscal 2023, with net income of $27.6 million, or $0.75 per diluted share. The company's performance was driven by strong sales in the Industrial segment and electric and hybrid vehicle applications.
Net sales reached a record $315.9 million, with electric and hybrid vehicle applications accounting for 20%.
The Industrial segment achieved record net sales of $103.8 million.
Net income was $27.6 million, or $0.75 per diluted share.
The company repurchased 508,179 shares of its common stock for $19.7 million.
Methode
Methode
Methode Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comIndustrial Revenue
CapyFin.comInterface Revenue
CapyFin.com Forward Guidance
The company updated its expectations for fiscal year 2023 net sales to be in the range of $1,170 to $1,200 million and for diluted earnings per share to be in a range of $2.70 to $2.90.
Positive Outlook
- Strong sales driven by strategic efforts in power and lighting solutions.
- Cost recovery actions are gaining traction.
- Sequential earnings improvement over the first quarter.
- Strong quarter of EV program awards.
- Expecting another record year for sales and continued growth in EV applications.
Challenges Ahead
- Ongoing inflationary cost environment.
- Geopolitical risks.
- Semiconductor shortages.
- Increased foreign currency headwind.
- Additional uncertainty has been infused into our near-term outlook.
Revenue & Expenses
Visualization of income flow from segment revenue to net income