Methode falls on FY forecast cut

Methode Electronics

07/09/2023 14:42

** Shares of Methode Electronic  MEI.N  down 14.9% at $24.5 
    ** Co now expects FY24 net sales of $1.14 bln - $1.18 bln vs
previous forecast range of $1.15 bln - $1.20 bln  
    ** Cuts FY24 diluted EPS forecast to a range of $0.80 to
$1.00 from prior forecast of $1.55 - $1.75
    ** "Operational challenges, along with some accelerated
expenses related to program launches, led to an earnings
shortfall" - CEO
    ** Including session losses, stock down 42% YTD

 (Reporting by Judes Joseph in Bengaluru)
 ((Judes.joseph@thomsonreuters.com))