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Business Summary: Methode Electronics, Inc. is a supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East, and Asia. The Company operates through four segments: Automotive, Industrial, Interface and Medical. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile original equipment manufacturers (OEMs). The Industrial segment manufactures external lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as its PowerRail solution, high-current low-voltage flexible power cabling systems and powder-coated busbars. The Interface segment provides a variety of copper-based transceivers and user interface solutions. The Medical segment is made up of its medical device business, Dabir Surfaces, with its surface support technology aimed at pressure injury prevention.
Financial Summary: BRIEF: For the nine months ended 27 January 2024, Methode Electronics Inc revenues decreased 5% to $837.2M. Net loss totaled $66M vs. income of $69M. Revenues reflect Automotive segment decrease of 18% to $452.3M, United States segment decrease of 14% to $373.9M, Asia/Pacific-Oceania segment decrease of 2% to $178M. Net loss reflects Automotive segment loss totaling $75.3M vs. income of $56.8M.