Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
CHICAGO – Methode Electronics, Inc. (NYSE:MEI) noticed its inventory surge 18.8% after reporting a narrower-than-expected loss and better-than-anticipated income for its fiscal second quarter.
The custom-engineered options supplier posted a lack of $0.05 per share, beating analyst estimates for a $0.16 per share loss. Income got here in at $292.6 million, surpassing the consensus forecast of $269.78 million.
Methode’s web gross sales elevated barely to $292.6 million from $288.0 million in the identical quarter final 12 months. The corporate attributed the expansion primarily to larger demand for energy distribution merchandise for information facilities, which offset weak spot within the automotive phase in Asia.
“The workforce is energized, and these outcomes exhibit that we’re not off course,” mentioned President and CEO Jon DeGaynor. “Our gross sales within the quarter have been the best that we’ve got reported since fiscal 2023, and our pre-tax earnings returned to optimistic territory.”
For fiscal 2025, Methode reaffirmed its expectation for web gross sales to be much like fiscal 2024 however raised its adjusted pre-tax earnings steering from approaching breakeven to roughly breakeven. The corporate expects third-quarter fiscal 2025 web gross sales to be much like the prior 12 months, with the fourth quarter projected to be considerably stronger than the third.
Wanting additional forward to fiscal 2026, Methode reiterated its outlook for web gross sales to exceed fiscal 2025 ranges, with pre-tax earnings anticipated to be optimistic and notably larger than fiscal 2025.
The corporate famous that its steering is topic to varied elements, together with the profitable launch of recent packages, EV program take charges, price restoration efforts, and broader financial situations.
This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.
