Methode Electronics (MEI) Announces $0.14 Dividend, Increases Share Buyback by $100M

Methode Electronics, Inc. (NYSE: MEI), a leading global supplier of custom-engineered solutions for user interface, LED lighting, and power distribution applications, announced today that its board of directors has declared a quarterly dividend of $0.14 per share to be paid on July 29, 2022, to common stockholders of record at the close of business on July 15, 2022.

The company also announced today that its board of directors has authorized an increase to the company’s existing share buyback program. The board of directors authorized the purchase of an additional $100 million of the company’s outstanding common stock to the authorization from March 2021, bringing the total program authorization to $200 million. As of April 30, 2022, a total of 1,593,139 shares have been purchased under the authorization at a total cost of $71.2 million.

The board of directors also extended the expiration of the authorization to June 14, 2024, from the prior expiration date of March 31, 2023. Purchases may be made on the open market, in private transactions or pursuant to purchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934.

The share buyback program is subject to market conditions, general business conditions, cash balances, borrowing capacity and other relevant factors. The program may be suspended or terminated at any time. No assurance can be given as to the time period over which the shares will be purchased or as to whether and to what extent the share purchases will be consummated.

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