Methode Q4 2023 Earnings Report
Key Takeaways
Methode Electronics reported a 4.3% increase in net sales to $301.2 million for Q4 2023. Net income was $8.1 million, or $0.22 per diluted share. The company secured program awards exceeding $250 million, with over 80% in EV applications.
Net sales reached $301.2 million.
Electric and hybrid vehicle applications accounted for 23% of net sales, marking a record.
Net income was $8.1 million, or $0.22 per diluted share.
Over $250 million in program awards were secured, with over 80% in EV applications.
Methode
Methode
Methode Revenue by Segment
Forward Guidance
For fiscal 2024, the company expects net sales to be in the range of $1,150 to $1,200 million and diluted earnings per share to be in a range of $1.55 to $1.75. For fiscal 2025, the company expects net sales to be in the range of $1,250 to $1,350 million and income from operations as a percentage of net sales to be in a range of 11% to 12%.
Positive Outlook
- Expected positive financial impact from the recent Nordic Lights Group Corporation acquisition
- Strong award pipeline
- Expected rebound in the commercial vehicle market
- Expected rebound in the data center market
- Expected rebound in the e-bike markets
Challenges Ahead
- Additional costs to support new program launches
- Impact from program roll offs
- Market headwinds in the higher margin Industrial segment
- Supply chain disruptions
- Inflation
Revenue & Expenses
Visualization of income flow from segment revenue to net income