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Methode Electronics Q4 Net Drops, Misses Estimates; Backs 2023 Guidance - Update

(Adds Outlook)

Methode Electronics (MEI) revealed a profit for fourth quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $16.2 million, or $0.43 per share. This compares with $31.1 million, or $0.81 per share, in last year's fourth quarter.

Analysts on average had expected the company to earn $0.56 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 4.1% to $288.7 million from $301.0 million last year.

Outlook:

For the fiscal 2023, the company reiterated its earlier outlook, expecting earnings per share to be in the range of $2.70 - $3.10 on sales of $1.160 billion to $1.210 billion.

Methode Electronics earnings at a glance (GAAP) :

-Earnings (Q4): $16.2 Mln. vs. $31.1 Mln. last year.
-EPS (Q4): $0.43 vs. $0.81 last year.
-Analyst Estimates: $0.56
-Revenue (Q4): $288.7 Mln vs. $301.0 Mln last year.

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