Methode Electronics falls on lower Q4 earnings, weak outlook

Methode Electronics

22/06/2023 17:33

** Shares of electric equipment and parts supplier Methode
Electronics Inc  MEI.N  fall 9.78% to $33.85, their lowest over
two and half years
    ** Co posts Q4 earnings of $0.22 per share vs $0.43 per
share reported a year ago
    ** Co hurt by material cost inflation and acquisition costs
from Nordic Lights transaction 
    ** Adds it will see lower earnings in fiscal 2024 as co
transitions from user interface towards more lighting and power
solutions
    ** Sees 2024 net sales to be in range of $1.15 bln-$1.2 bln
and earnings in range of $1.55 to $1.75 per share
    ** Including session's loss, stock has fallen 23.26% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))