From GlobeNewswire: 2024-07-11 07:00:00

Methode Electronics, Inc. reported a positive fourth quarter free cash flow with over $140 million in program awards. The company’s net debt is at its lowest level of the fiscal year, positioning it for growth in fiscal 2025 actions that are expected to reposition the company for growth in fiscal 2026. Jon DeGaynor has been appointed President, CEO, and a member of the Board of Directors. The company’s net sales for the fourth quarter were $277.3 million, with electric and hybrid vehicle applications accounting for 14%. Goodwill impairment of $49.4 million in the North American Automotive unit contributed to a net loss of $57.3 million. Adjusted net loss was $7.9 million. Net cash from operating activities was $24.9 million, and free cash flow was $15.8 million. Total debt was $330.9 million, with net debt at $169.4 million. Methode Electronics’ net sales for the fourth quarter were $277.3 million, down from $301.2 million in the same quarter of fiscal 2023. Selling and administrative expenses decreased due to lower professional services costs. Loss from operations was $61.5 million, with adjusted loss from operations at $9.8 million. Net loss was $57.3 million, or $1.63 per diluted share. Adjusted net loss was $7.9 million. EBITDA was negative $44.0 million, with adjusted EBITDA at $5.3 million. Methode Electronics had net debt of $169.4 million at the end of the fourth quarter, in compliance with all debt covenants. Net cash from operating activities was $24.9 million, with free cash flow at $15.8 million. The company purchased and retired 174,215 shares of stock for $3.0 million. Methode Electronics’ Automotive segment had net sales of $145.9 million, down 21.6% from the same quarter in fiscal 2023, mainly due to lower market demand. Other segments, including Data Solutions and Medical, also experienced decreases in net sales compared to the previous fiscal year.



Read more at GlobeNewswire:: Methode Electronics, Inc. Reports Fiscal 2024 Fourth