Methode Electronics drops as Q4 revenue misses estimates

Methode Electronics

23/06/2022 16:17

** Shares of electric equipment and parts supplier Methode
Electronics Inc  MEI.N  down ~2% at $37.32 
    ** Co posts Q4 revenue of $288.7 mln vs Wall Street
estimates of $289.2 mln, per Refinitiv data  urn:newsml:reuters.com:*:nGNXb2KtqY
    ** MEI says it faced several challenges in the quarter due
to market disruptions and supply chain constraints  
    ** "Our sales into electric vehicle applications slipped in
the quarter due to the China lockdown" -  CEO Donald W. Duda
    ** MEI's profit in Q4 fell to 43 cents/share vs 81
cents/share last year 
    ** One of three brokerages rate the stock "strong buy", two
"hold"; their median PT is $50.50 - Refinitiv
    ** Including session's loss, shares down ~24.1% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))