Methode Electronics Q4 2023 Earnings Call Transcript

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June 22, 2023

There are 7 speakers on the call.

Operator

Greetings, and welcome to the Methode Electronics 4th Quarter and Full Year Fiscal 2023 Results Call. At this time, all participants are in a listen only mode and a question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Robert Cherry, Vice President of Investor Relations.

Operator

Sir, you may begin.

Speaker 1

Thank you, operator. Good morning, and welcome to Methode Electronics' Fiscal 2023 Q4 and full year earnings conference call. For this call, we have prepared a presentation entitled fiscal 2023 4th quarter and full year financial results, which can be viewed on the webcast of this call or found at metho.com on the Investors page. This conference call contains certain forward looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward looking statements are subject to the Safe Harbor protection provided under the securities laws.

Speaker 1

Methode undertakes no duty to update any forward looking statement to conform this statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward looking statements in this conference call involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission such as our 10 ks and 10 Q reports. At this time, I'd like to turn the call over to Mr. Don Duda, President and Chief Executive Officer.

Speaker 2

Thank you, Rob, and good morning, everyone. Thank you for joining us for our fiscal 2023 Q4 earnings conference call. I'm joined today by Ron Zumas, our Chief Financial Officer. And both Ron and I will have opening comments, and then we will take your questions. Let's begin with the highlights on Slide 4.

Speaker 2

Our sales for the quarter were a healthy $301,000,000 They were up 4% compared to the prior year, but up 9%, excluding a significant headwind from foreign exchange And a drop in material spot buy and premium freight cost recovery. The increase was mainly due to higher sales in the Industrial segment, driven by lighting solutions for commercial vehicles and by power distribution solutions for electric vehicles. The sales growth from lighting and power product is another data point in our strategic pivot to reduce our reliance on user interface solutions. In the quarter, we continued to face ongoing cost increases due to inflation in material and labor, Which continue to be a drag on margins. The ongoing cycle of inflation and subsequent efforts to obtain price increases from customers It is a persistent challenge.

Speaker 2

I cannot stress that enough. We can, however, report a significant reduction in spot buys And expedited shipping and supply chain constraints have improved over last year. On the order front, we had a very strong quarter with over $250,000,000 in annual program awards. These programs are once again dominated by electric vehicle programs. The Nordic Lights acquisition, which is an exciting opportunity to grow our lighting franchise And gain more industrial and non auto market exposure is nearing completion.

Speaker 2

While we have secured over 99% of the outstanding shares, We are still working through the squeeze out process for the remaining shares. Once that legal process is complete, we will be able to provide more information. Turning back to EV activity. Sales in the quarter were 23% of our consolidated total And we're a record on a dollar basis. In regards to awards, we won over $215,000,000 in annual EV awards in the quarter.

Speaker 2

Looking forward on EV, activity will be strong again in fiscal 2024, but will be very dependent on auto OEM take rates as well as the timing of program roll offs. In the quarter, we had an increase in debt, which was driven entirely by the Nordic Lights acquisition. During the quarter, we purchased approximately $8,000,000 of shares. Of the announced $200,000,000 Board authorization, We have now purchased $119,000,000 in total. Prior to the Nordic Lights acquisition, this buyback program was a key focus of our capital allocation strategy.

Speaker 2

With the increased debt level, part of our focus will return to debt reduction. Lastly, but just as important than anything on this slide, we generated $38,000,000 in free cash flow in the quarter, which is an indication of our attention to operational performance and the focus on generating cash in our business model. Moving to Slide 5. The awards identified here represent some of the key wins in the quarter and represent $258,000,000 in annual sales At full production. As a reminder, the launch time of most of these programs could be anywhere in the range of 1 to 3 years from now.

Speaker 2

The awards were mainly for power products associated with the EV skateboard architecture. The awards were also heavily weighted towards the United States, Where EV coating activity has clearly picked up. In other areas, we're aware of programs for lighting, user interface And sensor solutions for applications in commercial vehicles and e bike. I would like to take a step back and reflect on our EV activity over the last 3 years. Since the beginning of fiscal year 2021, We have won approximately $600,000,000 in EV awards.

Speaker 2

This award stream acts like a backlog of potential future business. There is little doubt that EVs will be driving our organic growth in the coming years. Turning to Slide 6 and our fiscal 2023 highlights. We delivered sales growth for the 6th year in a row and finished with a record sale of $1,180,000,000 for the full year. Excluding foreign exchange and cost recovery, we had a 7% year over year sales growth.

Speaker 2

Material, Labor and overall manufacturing cost inflation challenges during the year took a toll on earnings. Clearly, We were disappointed in the cost recovery efforts with our customers. Those efforts continue as well as other initiatives to improve manufacturing efficiencies. Our program awards were very strong, reaching over $435,000,000 with over 75% in EV applications. The strength of our bookings gives me confidence that along with the aforementioned initiatives, we will achieve the margin expansion that supports our guidance for fiscal 2025.

Speaker 2

We had record sales into EV applications, and they reached 21% of our total sales for the full year. Our free cash flow generation was up 50% year over year in support of the purchase of $48,000,000 of shares as well as our ongoing dividend program. It was a challenging quarter and a year plagued by ongoing cost inflation headwinds. However, our worldwide team still delivered organic sales growth for the year. Moving to Slide 7.

Speaker 2

Looking forward, are expecting a slight slowdown in sales for fiscal 2024 and then a significant ramp up of sales in fiscal 2025. I want to walk you through the basic drivers of this. As you can see from the slide, the net of program roll offs And program launches is a sales headwind in fiscal 2024. While Nordic Lights will add to our sales, We expect headwinds in the commercial vehicle, data center and e bike markets. The net result of all this is a slight sales slowdown in fiscal 2024.

Speaker 2

In fiscal 2025, the net of program roll offs and program launches becomes a tailwind. We also expect a tailwind from strength in commercial vehicles, data centers and e bike markets. The net result is an 11% organic sales growth rate Fiscal 2024 to fiscal 2025. With the strong award pipeline for the past 3 years and the effort Meso has made to transition Its product portfolio further in the Lighting and Power Solutions, this fiscal 2025 guidance demonstrates that our business model is healthy and is positioned to prosper from the strategic steps that we've taken to grow the business. Turning to Slide 8.

Speaker 2

In summary, Methode had a number of successes in fiscal 2023. We achieved record sales in our Industrial segment with growth of 29%. We delivered record sales in the EV applications. We generated strong free cash flow. And lastly, we executed the acquisition of Nordic Lights.

Speaker 2

Turning to our outlook. Due to the program roll offs and the expected weakness in key markets, we expect to have lower organic sales in fiscal 2024. In addition, we've been making significant investments and launching over 20 new programs. These investments include significant tooling and increased staffing. This activity, along with multiple years of strong awards, will enable us not only to replace the sunsetting program, But to organically grow the business 11% from fiscal 2024 to fiscal 2025.

Speaker 2

At this point, I'll turn the call over to Ron, who will provide more detail on our Q4 and full year financial results as well as more details on our outlook.

Speaker 3

Ron? Thank you, Don, and good morning, everyone. Please turn to Slide 10. 4th quarter net sales were $301,200,000 compared to $287,700,000 in fiscal 2022, an increase of 4.3%. This quarter sales had $7,700,000 unfavorable currency impact and $2,500,000 favorable Spot buy and premium freight cost recovery impact.

Speaker 3

Also impacting the quarter's prior year comparison was the roll off of a large automotive program in North America. Excluding the foreign currency and year over year cost recovery impacts, sales increased by 8.8%. Strength in the quarter was driven by lighting solutions in commercial vehicles and power solutions in EV. EV product applications were 23 percent of sales in the quarter. 4th quarter income from operations decreased 41.8 to $8,500,000 from $14,600,000 in fiscal 2022, mainly due to acquisition costs, material cost inflation and unfavorable foreign currency translation.

Speaker 3

Partially offsetting those factors was the higher sales volume. Adjusting for acquisition costs of $6,800,000 and costs related to the reorganization of a foreign subsidiary Of $500,000 our non GAAP adjusted income from operations increased 8.2 percent to 15,800,000 from $14,600,000 in fiscal 2022. Please turn to Slide 11. 4th quarter diluted earnings per share decreased 48.8 percent to $0.22 per share per diluted share from $0.43 per diluted share in the same period last fiscal year. The EPS was negatively impacted from the acquisition costs, material cost inflation And unfavorable foreign currency translation.

Speaker 3

Adjusting for the net acquisition cost of $6,600,000 and The net benefit related to the reorganization of a foreign subsidy area of $7,000,000 our non GAAP adjusted diluted EPS decreased 51.2 percent to $0.21 per diluted share from $0.43 in fiscal 'twenty 2. Shifting to EBITDA, a non GAAP financial measure. 4th quarter EBITDA was $21,900,000 versus $30,800,000 in the same period last fiscal year, a 28.9% decrease. EBITDA was negatively impacted acquisition costs, material cost inflation and the unfavorable foreign currency translation. Higher sales volumes helped to partially offset the decrease.

Speaker 3

Adjusting for acquisition costs of $6,800,000 and costs of $2,600,000 Related to the reorganization of a foreign subsidiary, our adjusted EBITDA increased 1.6 percent to 31,300,000 from $30,800,000 in fiscal 2022. Please turn to Slide 12. We increased gross debt by $96,300,000 for the full year, mainly due to the Nordic Lights acquisition. We ended the year with $157,000,000 in cash, down $15,000,000 for the full year. During the quarter, we bought back shares for $8,500,000 bringing the year to date total to 48,100,000 Net debt, a non GAAP financial measure, increased by $111,300,000 to $149,800,000 in the full year From $38,500,000 at the end of fiscal 2022.

Speaker 3

Again, the main driver of the increase was the Nordic Lights acquisition. Our debt to trailing 12 month EBITDA ratio is approximately 2.2. Our net debt to trailing 12 month EBITDA ratio is approximately 1. We continue to have solid debt capacity, which offers the company flexibility from a capital allocation perspective, especially for inorganic growth initiatives. Please turn to Slide 13.

Speaker 3

4th quarter net cash from operating activities was a healthy $49,000,000 as compared to $42,000,000 in fiscal 2022. The increase of $7,000,000 was primarily due to working capital improvements in the quarter. 4th quarter capital expenditure was $11,200,000 as compared to $8,400,000 in fiscal 2022, an increase of $2,800,000 The increase was mainly a function of a lower level of spending in the prior year quarter as the spending level this quarter was in keeping with our guidance. 4th quarter free cash flow, a non GAAP financial measure, was $37,800,000 as compared to $33,600,000 in fiscal 2022, An increase of $4,200,000 This increase again was primarily due to working capital improvements. We continue to have a strong balance sheet and we will continue to utilize it by investing in our businesses to grow organically and by pursuing opportunities for inorganic growth.

Speaker 3

Please turn to Slide 14. Fiscal 'twenty three net sales were a record $1,179,600,000 compared to $1,163,600,000 in fiscal 2022, an increase of 1.4%. This was our 6th year in a row of record sales. This year sales had 57,300,000 foreign currency impact and $20,900,000 favorable spot buy and premium freight cost recovery impact. Excluding the foreign currency and year over year cost recovery impacts, sales increased by 6.5%.

Speaker 3

The strength in the year was driven by our Industrial segment. EV product applications were 22% of sales in the year. Negatively impacting the year was the roll off of a large automotive program in North America. Fiscal 2023 income from operations decreased 19.1 percent to $90,400,000 from $111,700,000 in fiscal 2022, mainly due to acquisition costs and material inflation, which were partially offset by higher sales volume. Adjusting for the acquisition cost of $6,800,000 and costs related to the reorganization of a foreign subsidiary of 500,000 Our non GAAP adjusted income from operations decreased 12.5 percent to $97,700,000 from $111,700,000 in fiscal 2022.

Speaker 3

Please turn to Slide 15. Fiscal 2023 diluted earnings per share decreased 22.2 percent to $2.10 from $2.70 per diluted share last fiscal year. The EPS was negatively impacted from the acquisition costs and material cost inflation, which were partially offset by a net tax benefit related to the reorganization of a foreign subsidiary. Adjusting for the acquisition cost of $6,600,000 and net benefit related to the organization of a foreign subsidiary of $7,000,000 Our non GAAP adjusted diluted EPS decreased 22.6 percent to $2.09 from $2.70 in fiscal 'twenty two. Shifting to EBITDA, the full year EBITDA was $142,300,000 $174,600,000 last fiscal year, an 18.5% decrease.

Speaker 3

EBITDA was negatively impacted by the acquisition cost and material cost inflation, which were partially offset by higher sales volume. Adjusting for the acquisition cost of $6,800,000 and the cost of $2,600,000 related to reorganization of a foreign subsidiary, Our adjusted EBITDA decreased 13.1 percent to $157,100,000 from $174,600,000 in fiscal 'twenty 2. Please turn to Slide 16. Fiscal 'twenty three net cash from operating was a healthy $132,800,000 as compared to $98,800,000 in fiscal 'twenty two. The increase of $34,000,000 was primarily working capital improvements.

Speaker 3

Capital expenditure was $42,000,000 as compared to $38,000,000 in fiscal 'twenty two, An increase of $4,000,000 The increase was mainly a function of a low level of spending in the prior year as The spending level this year was within guidance. We expect significant increase in CapEx in fiscal 2024 To increase capacity and capability for the increased launches in both fiscal 2024 and fiscal 2025. Free cash flow was $90,800,000 as compared to $60,800,000 in fiscal 2022, an increase of 30,000,000 This increase again was primarily due to working capital improvements. Please turn to Slide 17. Regarding forward looking guidance, it is based on management's best estimates and is subject to a change due to a variety of factors noted on this slide.

Speaker 3

While we have experienced some success in price increases to offset the ongoing material cost inflation, we expect this headwind will still be with us in fiscal 2024. The expected net sales range for fiscal 2024 is $1,150,000,000 to 1,200,000,000 The expected diluted earnings per share range is $1.55 to 1 $0.75 This fiscal year 'twenty four guidance includes the Nordic Lake acquisition, assumes an income tax rate of between 18% 20 with no discrete tax benefits or expenses. It assumes CapEx in the $65,000,000 to $75,000,000 range and assumes depreciation and amortization in the range of $57,000,000 to $62,000,000 The fiscal year 'twenty four EPS cadence will be somewhat uneven with the Q1 being weakest, largely due to the anticipated contingent legal fees related to the Heidtronic lawsuit. We anticipate minimal sequential quarterly EPS growth from the Q4 of fiscal 'twenty three. Looking further ahead to fiscal 2025, the expected net sales range is between 1,250,000,000 to $1,350,000,000 The midpoint of this range represents 11% organic growth from the midpoint of the fiscal year 2024 net sales guidance range.

Speaker 3

The expected range income from operations as a percentage of net sales in Fiscal year 2025 is 11% to 12%. The fiscal year 2025 income tax rate is expected to be between 20% 22% With no discrete tax benefits or expenses. Don, that concludes my comments.

Speaker 2

Ron, thank you very much. Operator, we are ready to take questions.

Operator

Thank you. At this time, we will be conducting a question and answer Thank you. Our first question is coming from John Franzreb with Sidoti and Company. You may proceed.

Speaker 4

Good morning, guys, and thanks for taking the questions.

Speaker 2

Good morning, Dan. I'd like

Speaker 4

to start with a couple of quick clarifications. 1st and foremost, it looks like Nordic is part of the balance sheet. I'm curious if it's Part of the P and L too, because I didn't hear any mention of any revenue contribution from Nordic in the Q4. So can you just Kind of walk me through that.

Speaker 3

Yes. You're absolutely correct. It's on the opening balance sheet, but we Did not have any profit and loss activity in fiscal 2023 related to Nordic Lights Due to its very late closing right prior to the end of the fiscal year.

Speaker 5

Got it. And we will

Speaker 3

In fiscal 2024, yes. Okay.

Speaker 4

All right. So you mentioned legal fees That you're going to continue to incur from Nordic. Are there any other cash expenses that we should be worried about or Incremental debt that you're going to have to bring on board, that will be part of Q1 that was not part of Q4?

Speaker 3

We mentioned from a legal expense perspective, the Supreme Court ruling, if that comes through next week, that we could have the contingent legal fee Related to that matter in the Q1. I think from a we would not expect to take on Any further debt in

Speaker 2

the Q1? And if

Speaker 3

anything, depending on cash flows and harvesting going, we might even delever a little bit.

Speaker 4

Okay.

Speaker 3

Yes. Interest rates obviously are something Cost of borrowing has gone up and we have some fixed interest variable to fixed interest rate swaps that will be expiring. So we do expect an Increased in debt, higher interest expense, significantly higher interest expense in fiscal 2024 as compared to fiscal 2023.

Speaker 4

So since you're boarded up, what is your expected interest expense embedded in your guidance for fiscal 2024?

Speaker 3

It's in the about $13,000,000

Operator

ish range, somewhere around there.

Speaker 4

Okay, perfect. And then just switch gears real quick. On the program roll offs, just to clarify, You mentioned the impact in 2023 of the North American program roll off that we've been talking about for quite some time. Two questions here. One, how much was that impact in the Q4?

Speaker 4

And secondly, when you're talking about the fiscal 2024 guidance, It's a plural. It's program roll off. So in addition to the one that we've been going through, what's the incremental number on top of that, from new program roll offs.

Speaker 2

Hang on a second, Eric.

Speaker 3

Yes. So the program roll offs in total, we would expect around 150,000,000

Speaker 2

Yes, I agree.

Speaker 4

And how much of that is the Is it leftover from the one that we've been incurring in 2023?

Speaker 3

So It would be approximately from that program another $100,000,000 And then there's another program In the EV space, that would take

Speaker 2

a lot of the balance of that.

Speaker 4

Perfect. That's what I was looking for. Know what, I've been taking a lot of time guys. I'll get back into queue for follow ups. Thank you.

Speaker 2

Thanks, Tim.

Operator

Thank you. Our next question is coming from Gary Prestopino with Barrington Research. You may proceed.

Speaker 6

Hey, good morning, everyone. My question It kind of revolves around what the last question here was. But in terms of this North American program roll off, is that over in fiscal '24 or is there some residual going into fiscal 'twenty five with again, there's a plural roll offs there?

Speaker 2

The in round numbers, the roll off in 'twenty five and then I talk about In 'twenty four, they're a headwind. In 'twenty five, our increased business becomes a tailwind even with About $120,000,000 of roll offs in fiscal 'twenty five.

Speaker 6

Right. I understand that. But I'm trying to get at is the I guess, let me just ask you, is the North American roll off over in fiscal 2024? Or is it There's still some residual in fiscal 'twenty five.

Speaker 2

That depends on the

Speaker 3

customer. Okay.

Speaker 2

There could be some additional business in 'twenty five. It depends when They launched their new programs. I really can't get into too much of that, but we have seen programs Extend a little longer. So there could be some of that in 'twenty five. Gary, I think what I

Speaker 3

would say, too, about the other program is The one that started rolling off in fiscal 'twenty three that's rolling off in 'twenty four, the preponderance of the roll off will be done by the end of fiscal 'twenty four. There will be a sum and carry over in 'twenty five, but the preponderance is in 'twenty three and 'twenty four.

Speaker 2

Yes. And I don't look at As that extending into 25% is a huge upside, it's just the timing of the customer's launch.

Speaker 6

Okay. That's kind of what I was getting at. And then in terms of the D and A range for Fiscal 'twenty four, how does that break down between depreciation and amortization? Can you give us some rough numbers there?

Speaker 2

I guess at

Speaker 3

a high level, dollars 20 ish million In the A part and the rest of the D part.

Speaker 6

Okay. Thank you. And then I also want to just ask in terms of it's great you've got all these new product launches. Could you maybe detail, 1st of all, what are some of the expenses that are upfront that are associated with these New product launches. And then are we as we model things out, are is the expense front end loaded in Q1, Q2, 2, and then you start generating less level of expenses or less upfront expenses and then Revenues start to accelerate from the new programs in the back half of fiscal twenty twenty four.

Speaker 6

Could you help us out with that, please?

Speaker 2

Sure. It is equipment, it is people, It is prototyping costs that we're starting to incur and will continue to incur Throughout fiscal 2024. As we get into the end of 2024, those costs start to be absorbed into the product launches. So we're factored into the guidance. And we will we are starting we've been hiring.

Speaker 2

We've been procuring equipment. The plant is probably

Speaker 6

30%

Speaker 2

Complete from an equipment standpoint. So that will continue throughout the year, and then we will be launching A lower volume at the end of the year. That's not a significant amount, but it will start to absorb the costs.

Speaker 6

All right. And I know you didn't give this as a point of your guidance, but it looks like you had almost a 13% The EBITDA margin in fiscal 'twenty three, given the range of what you've given us for fiscal 'twenty four, Where do you see that adjusted EBITDA margin range if you have that calculation handy?

Speaker 3

Well, in terms of the range, it would be somewhat Comparable to this fiscal year, I. E. Our fiscal 2024 From an EBITDA margin percentage as a percentage of sales.

Speaker 6

So it would be comparable to FY 'twenty three That's what you're

Speaker 3

saying? Yes. Okay.

Speaker 2

All right. All right. Thank you very much. Thank you.

Operator

Thank Our next question is coming from Matt Sheerin with Stifel. Sir, you may proceed.

Speaker 5

Yes. Good morning and thanks for taking my questions. I have a couple of quick questions. One, your commentary In terms of your outlook for data centers, looks like that will continue to be a headwind. Is that due to the inventory build At the hyperscale customers that's yet to work off and are you having any visibility in terms of that picking up the back half of your fiscal 2024?

Speaker 5

And then the second question, in your preliminary Earnings release, your pre announcement a couple of weeks ago, you talked about a sun setting of an EV program Due to a change in technology by that customer, could you be more specific about what that technology changes and how that may impact You on other programs? Thank you.

Speaker 2

Okay. I probably can't answer that Exactly. I can't give you detail on that because of the customer. I can tell you this. It is one customer, one product.

Speaker 2

We do not sell that product to other customers. I don't of course, I don't want to lose the business, but I understand it. But it is not that does not impact our strategic Thinking in terms of EVs, it is on the top hat, which there's more volatility on the top hat as there are On passenger cars or on ice cars as well. So does it concern me long term? No.

Speaker 2

Does it Well, I like the business to say yes, I understand it, but I apologize I can't really go into any more detail on that. I have to be The contract we have with the customers is a customer we continue to do business with. To your other question, More of an inventory over inventory. Do I Expect that to maybe improve it towards the tail end of the year? I don't we don't think so.

Speaker 2

We haven't Put that into our numbers. Could it? But when I look at commercial vehicles alone, and I know you're asking about data centers, but ACT has the market down 29%, and they're not always Market people aren't always spot on, and we're not spot on. But that's a definite direction and a headwind we're going to face in 'twenty four. And in 'twenty five, they have it going back up.

Speaker 5

Got it. And just so on data center, you're just not getting visibility into that picking up anytime

Speaker 2

No. And we know when we ship to customer, we kind of know their usage and they told us they're over inventory. So until they work that down And we can model here's what they've taken in the last three quarters. And if they have all that in inventory, you can pretty much You're not going to have much business for the next three quarters. And that's we have visibility to that.

Speaker 2

And that's why we're guiding that down.

Speaker 5

Fair enough. Okay. Thanks very much.

Speaker 2

Well, thank you. Want to make a just quick clarification

Speaker 3

on Gary's question. The A part of D and A is will be about $25,000,000 instead

Operator

As we have reached the end of our question and answer session, I will turn the call back over to Mr. Duda for any closing remarks.

Speaker 2

Thank you. We will thank everyone for their questions and for listening and wish everyone a very safe and enjoyable summer. Have a good day.

Operator

Thank you. This concludes today's conference and you may disconnect your lines at this time. And we thank you for your participation.

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Key Takeaways

  • Q4 net sales reached $301.2 M, up 4% year-over-year (9% ex-FX & cost recovery headwinds), driven by industrial lighting and EV power distribution, though material and labor inflation continued to pressure margins.
  • The company secured over $250 M in annual program awards in Q4 (dominated by EV applications), bringing total fiscal 2023 EV awards to $435 M and fueling EV sales to a record 23% of Q4 revenue and 22% of full-year sales.
  • Methode is finalizing its acquisition of Nordic Lights (99% of shares secured), which will expand its industrial lighting franchise and non-auto market exposure once the squeeze-out process completes.
  • Free cash flow remained robust at $37.8 M for Q4 and $90.8 M for fiscal 2023, supporting $119 M in share repurchases to date and a strategic shift toward debt reduction after the Nordic Lights deal.
  • Looking ahead, fiscal 2024 sales are expected to dip slightly due to program roll-offs and market headwinds, followed by an anticipated 11% organic growth in fiscal 2025 as new programs ramp up.
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Earnings Conference Call
Methode Electronics Q4 2023
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