Why Methode Electronics Shares Are Falling Today
Portfolio Pulse from Nabaparna Bhattacharya
Methode Electronics (NYSE: MEI) reported Q4 FY23 net sales growth of 4.3% YoY to $301.2 million, beating the consensus of $297.45 million. However, adjusted EPS of $0.21 missed the consensus of $0.45. The company's debt increased to $306.8 million, and it exited the quarter with $157 million in cash. The fiscal 2024 and 2025 guidance remains unchanged.
June 22, 2023 | 4:24 pm
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NEGATIVE IMPACT
Methode Electronics reported better-than-expected Q4 FY23 net sales but missed on adjusted EPS. The company's debt increased, and guidance remains unchanged.
Methode Electronics' stock price is likely to be negatively impacted in the short term due to the missed EPS and increased debt. Although net sales beat expectations, the negative factors outweigh the positive.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100