Methode Electronics (MEI) Tops Q3 EPS by 4c, Revenues Beat; Offers 4Q EPS/Revenue Outlook
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Methode Electronics (NYSE: MEI) reported Q3 EPS of $0.83, $0.04 better than the analyst estimate of $0.79. Revenue for the quarter came in at $295.3 million versus the consensus estimate of $277.7 million.
Fiscal Third Quarter 2021 Highlights
- Net sales were $295.3 million
- Electric and hybrid vehicle applications were over 12 percent of net sales
- Net income was $31.9 million, or $0.83 per diluted share
- Net cash provided by operating activities was $87.1 million
- Debt was $244.6 million, compared to $352.1 million at the end of fiscal 2020
President and Chief Executive Officer Donald W. Duda said, “Despite supply chain challenges, Methode was able to meet the high end of our sales guidance and increase our EV sales. In doing so, we also generated substantial free cash flow, which in turn allowed us to further pay down debt providing Methode with an even stronger balance sheet."
Mr. Duda added, "We will continue to face near term market uncertainty due to the semiconductor shortage as well as other supply chain and related factory inefficiencies. Those factors, along with weather-related supply chain disruptions are driving our wide guidance range. However, our order book for EV programs gives us the confidence to increase our projection for fiscal 2022 sales from EV applications to a mid-teens percentage. Furthermore, and subject to resolution of the supply chain challenges by mid-calendar year, we anticipate Methode’s consolidated fiscal 2022 organic sales to grow in excess of 10%."
Methode Electronics sees Q4 2021 EPS of $0.60-$0.82, versus the consensus of $0.73. Methode Electronics sees Q4 2021 revenue of $270-300 million, versus the consensus of $278.9 million.
For the fiscal fourth quarter of 2021, the company expects net sales in to be in the range of $270 to $300 million and diluted earnings per share to be in the range of $0.60 to $0.82, which is subject to disruption due to a variety of factors including the ongoing semiconductor shortage and COVID-19 pandemic situations. The lower end of the guidance ranges contemplates additional supply chain disruptions.
For earnings history and earnings-related data on Methode Electronics (MEI) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citizens Financial Group (CFG) Tops Q1 EPS by 44c
- Bank of New York (BK) Tops Q1 EPS by 10c, Revenues Beat
- Adverum Biotechnologies (ADVM) to Present New Data from the OPTIC Trial of ADVM-022 Intravitreal Gene Therapy for Wet AMD at ARVO 2021
Create E-mail Alert Related CategoriesCorporate News, Earnings, Guidance, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!