Reported Q: Q3 2024 Rev YoY: -7.4% EPS YoY: -158.9% Move: +2.94%
Methode Electronics Inc
MEI
$9.09 2.94%
Exchange: NYSE | Sector: Technology | Industry: Hardware Equipment Parts
Q3 2024
Published: Mar 7, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for MEI

Reported

Report Date

Mar 7, 2024

Quarter Q3 2024

Revenue

259.50M

YoY: -7.4%

EPS

-0.33

YoY: -158.9%

Market Move

+2.94%

Previous quarter: N/A

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $259.50M down 7.4% year-over-year
  • EPS of $-0.33 decreased by 158.9% from previous year
  • Gross margin of 14.3%
  • Net income of -11.60M
  • ""Our company foundation is strong with a rich legacy of innovation and an unwavering commitment to excellence."" - Avi Avula, CEO
MEI
Methode Electronics Inc

Executive Summary

In Q3 2024, Methode Electronics Inc reported revenue of $259.5 million, a decrease of 7% year-over-year, primarily driven by weakness in the Automotive segment due to program roll-offs and reduced electric vehicle (EV) demand. The company faced operational inefficiencies leading to a net loss of $11.6 million and a diluted EPS of $-0.33. Despite these challenges, Methode returned to positive free cash flow of $12.2 million, while actively engaging in share repurchases totaling $3 million. With a new CEO at the helm, the company is focused on operational improvements and cost reductions, leading to a suspension of forward guidance until profitability is restored.

Key Performance Indicators

Revenue
Decreasing
259.50M
QoQ: -9.90% | YoY: -7.35%
Gross Profit
Decreasing
37.00M
14.26% margin
QoQ: -29.25% | YoY: -42.99%
Operating Income
Decreasing
-3.00M
QoQ: 94.15% | YoY: -110.99%
Net Income
Decreasing
-11.60M
QoQ: 79.02% | YoY: -158.29%
EPS
Decreasing
-0.33
QoQ: 78.71% | YoY: -158.93%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2026 246.90 -0.28 -4.5% View
Q1 2026 240.50 -0.29 -13.3% View
Q3 2025 239.90 -0.41 -7.6% View
Q2 2025 292.60 -0.05 +1.6% View
Q1 2025 258.50 -0.52 -10.8% View
Q3 2024 259.50 -0.33 -7.4% View