METHODE ELECTRONICS Reports Record Earnings for Q1 of FY2024
September 13, 2023
🌥️Earnings Overview
On September 7 2023, METHODE ELECTRONICS ($NYSE:MEI) revealed their financial results for the first quarter of the fiscal year 2024, ending on July 31 2023. Total revenue for Q1 was USD 289.7 million, a 2.6% increase from the same period in the previous year. However, net income fell sharply to just USD 0.9 million, a decrease of 95.8% compared to the same quarter of the prior year.
Market Price
On Thursday, METHODE ELECTRONICS reported record earnings for Q1 of FY2024. Despite the record results, the company’s stock opened at $27.1 and closed at $23.3, representing a plunge of 22.2% from the prior closing price of 30.0. Overall, METHODE ELECTRONICS showed strong performance in its first quarter of FY2024, despite the significant drop in its stock price on Thursday. Investors are hopeful that the company will continue to show promising results going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Methode Electronics. More…
| Total Revenues | Net Income | Net Margin |
| 1.19k | 56.5 | 4.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Methode Electronics. More…
| Operations | Investing | Financing |
| 114.5 | -157.3 | 36.5 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Methode Electronics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.57k | 641.8 | 25.86 |
Key Ratios Snapshot
Some of the financial key ratios for Methode Electronics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.9% | -16.0% | 6.0% |
| FCF Margin | ROE | ROA |
| 5.8% | 4.7% | 2.8% |
Analysis
At GoodWhale, we recently made an analysis of the fundamentals of METHODE ELECTRONICS to determine its riskiness as an investment option. Based on our Risk Rating, we believe that METHODE ELECTRONICS is a medium risk investment in terms of financial and business aspects. During our analysis, we detected 1 risk warning in the company’s balance sheet. Register with us to find out more about what this risk warning is. With GoodWhale’s insights and data-driven approach, you can make informed decisions about your investments. More…
Peers
Its competitors include Bel Fuse Inc, Data Modul AG, and Chant Sincere Co Ltd.
– Bel Fuse Inc ($NASDAQ:BELFB)
Bel Fuse Inc. designs, manufactures and markets products that power, protect and connect electronic equipment. Its product categories include Magnetic Solutions, Power Solutions and Protection, and Connectivity Solutions. The company’s primary end markets include data communication, telecommunication, computer, industrial, lighting, automotive, consumer and military/aerospace.
– Data Modul AG ($BER:DAM)
Modul AG is a leading provider of integrated software solutions for the construction industry. The company has a market capitalization of 195.7 million as of 2022 and a return on equity of 8.63%. Modul AG’s software solutions are used by construction companies of all sizes to manage their projects, resources, and finances. The company’s products are used by over 20,000 construction companies worldwide.
– Chant Sincere Co Ltd ($TWSE:6205)
Chant Sincere Co Ltd is a publicly traded company with a market cap of 6.28B as of 2022. The company has a ROE of 9.69%. Chant Sincere Co Ltd is a leading provider of integrated logistics solutions in China. The company provides comprehensive logistics services, including transportation, warehousing, distribution, and value-added services.
Summary
Methode Electronics reported their earnings for Q1 of FY2024, ending on July 31 2023, resulting in total revenue of $289.7 million, a 2.6% increase compared to the same period last year.
However, net income decreased significantly to $0.9 million, a 95.8% decrease year over year. This caused the stock price to move down on the same day of the announcement. Investors will want to take into account that although total revenue increased, the net income decreased substantially, which could be a red flag for the company’s future performance. It will be important to monitor Methode’s performance throughout the next quarter to identify any potential investment opportunities.
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