Methode Electronics Inc (MEI) Q4 2024 Earnings Report

In the fourth quarter of fiscal 2024, Methode Electronics Inc reported significant challenges leading to a net loss of $57.3 million. This stark departure from profitability was attributed largely to the roll-off of major automotive programs, operational inefficiencies, and ongoing market weakness in the e-bike and electric vehicle (EV) sectors. Despite these setbacks, the quarter marked a pivotal shift towards cash generation with $24.9 million in net cash provided by operating activities, reflecting the company’s commitment to fiscal prudence amid turbulent market conditions. Going forward, Methode is focused on restructuring and cost reduction to align with its long-term growth aims, particularly in the increasingly competitive EV landscape.