Why Methode Electronics Shares Are Diving Today
Portfolio Pulse from Shivani Kumaresan
Methode Electronics Inc (NYSE:MEI) shares are down after reducing its FY23 EPS outlook to $2.10 - $2.14, missing the Street view of $2.51. The company experienced a significant impact on earnings due to various factors, including acquisition costs and higher expenses. Methode also provided lower sales and earnings outlook for FY24 and FY25.
June 13, 2023 | 2:11 pm
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NEGATIVE IMPACT
Methode Electronics shares are down after the company reduced its FY23 EPS outlook and provided lower sales and earnings outlook for FY24 and FY25.
Methode Electronics reduced its FY23 EPS outlook, which is significantly lower than the Street view. This indicates that the company's financial performance is not meeting expectations, which is likely to negatively impact its stock price. Additionally, the company provided lower sales and earnings outlook for FY24 and FY25, which may further contribute to the stock's decline.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100