Methode Electronics, Inc. Announces Preliminary Financial Results For Fiscal 2023; Sees FY23 Revenue $1.183B Vs $1.17B Est.; EPS $2.10-$2.14 Vs $2.51 Est.
Portfolio Pulse from Benzinga Newsdesk
Methode Electronics expects to report record net sales of $1.183 billion for fiscal 2023, a 2% increase from the prior year. However, the company experienced a significant impact on its earnings due to various factors, resulting in a lower EPS guidance of $2.10-$2.14 compared to the previous $2.50-$2.60.
June 12, 2023 | 8:17 pm
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Methode Electronics' record net sales for FY23 are overshadowed by lower EPS guidance due to acquisition costs, higher fees, and other factors.
Methode Electronics' lower EPS guidance is likely to negatively impact its stock price in the short term, as investors may be concerned about the various factors affecting the company's earnings performance, such as acquisition costs, higher fees, and currency hedging inefficiencies.
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