Methode Electronics, Inc. (NYSE: MEI), a global
developer of custom engineered and application specific products
and solutions, today announced financial results for the fiscal
third quarter of 2021 ended January 30, 2021.
For the fiscal third quarter ended January 30, 2021, the
company's accounting period included 13 weeks compared to 14 weeks
for the fiscal third quarter ended February 1, 2020. The following
discussions of comparative results between these two periods should
be reviewed in this context.
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
Consolidated Fiscal Third Quarter 2021 Financial
ResultsMethode's net sales were $295.3 million, which
included a favorable foreign currency impact of $9.7 million, as
compared to $285.9 million in the same quarter of fiscal 2020. On a
weekly run rate basis and excluding the foreign currency impact,
adjusted net sales, a non-GAAP financial measure, were up 7.6%
compared to the same quarter of fiscal 2020. The increase was due
in part to higher sales of electric and hybrid vehicle
products.
Gross margin as a percentage of sales was 24.6 percent, compared
to 27.7 percent in the same quarter of fiscal 2020. The decrease
was primarily due to premium freight and factory inefficiencies
resulting from supply chain disruptions due to COVID-19 and to a
lesser extent tariff expense and product sales mix.
Selling and administrative expense as a percentage of sales was
11.0 percent, compared to 11.5 percent in the same quarter of
fiscal 2020. Selling and administrative expense decreased $0.6
million from the same quarter of fiscal 2020 primarily due to lower
compensation expense, travel expense and restructuring costs, which
were partially offset by higher stock-based compensation expense.
The decrease in compensation expense was primarily related to the
benefit of restructuring actions taken in the first quarter of
fiscal 2021.
Other income was $2.4 million, compared to $4.9 million in the
same quarter of fiscal 2020. Included in other income was $2.7
million of government assistance at certain of our international
locations with respect to the COVID-19 pandemic. In the same
quarter of fiscal 2020, other income included $5.6 million for an
international government grant for maintaining certain employment
levels.
Income tax expense was $4.6 million, compared to $2.8 million in
the same quarter of fiscal 2020. The income tax expense increase
was primarily due to changes related to U.S. Tax Reform that
favorably impacted the prior year period. The effective tax rate
was 12.6%, compared to an effective tax rate of 6.4% in the same
quarter of fiscal 2020.
Net income was $31.9 million, or $0.83 per diluted share,
compared to $41.2 million, or $1.09 per diluted share, in the same
quarter of fiscal 2020. The decrease was primarily due to premium
freight and factory inefficiencies resulting from supply chain
disruptions due to COVID-19 and to a lesser extent tariff expense
and product sales mix. Also contributing were lower other income
and higher income tax expense.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization of Intangibles), a non-GAAP financial measure, was
$51.3 million, compared to $58.7 million in the same quarter of
fiscal 2020.
Debt was $244.6 million at the end of the quarter, compared to
$352.1 million at the end of fiscal 2020. The company repaid $100.0
million on its revolving credit facility from its March 2020 draw.
Net debt, a non-GAAP financial measure and includes debt less cash
and cash equivalents, was $25.9 million, compared to $134.8 million
at the end of fiscal 2020.
Free cash flow, a non-GAAP financial measure and includes cash
provided by operating activities less purchases of property, plant,
and equipment, was $82.2 million, compared to $6.7 million in the
same quarter of fiscal 2020. The increase was mainly due to working
capital improvements.
Segment Fiscal Third Quarter 2021 Financial
ResultsComparing the Automotive segment's quarter to the
same quarter of fiscal 2020,
- Net sales were $210.5 million, up $0.2 million, or 0.1% from
$210.3 million. Higher sales of electric and hybrid vehicle
products were offset by lower lighting and sensor product sales.
The segment net sales in the quarter were positively impacted $7.5
million from foreign currency translation.
- Gross margin as a percentage of sales was 21.0 percent, down
from 26.2 percent primarily due to premium freight and factory
inefficiencies resulting from supply chain disruptions due to
COVID-19 and to a lesser extent tariff expense and product sales
mix.
- Income from operations was $29.6 million, down $9.6 million, or
24.5% from $39.2 million primarily due to lower gross profit,
partially offset by favorable foreign currency translation and
lower selling and administrative expenses.
Comparing the Industrial segment's quarter to the same quarter
of fiscal 2020,
- Net sales were $66.5 million, up $6.4 million or 10.6% from
$60.1 million primarily due to higher sales volumes of EV busbar
products and radio remote control devices, partially offset by
lower sales from commercial vehicle lighting solutions. The segment
net sales in the quarter were also positively impacted $2.2 million
from foreign currency translation.
- Gross margin as a percentage of sales was 37.1 percent, up from
36.4 percent primarily due to the higher sales volumes.
- Income from operations was $16.9 million, an increase from
$13.2 million primarily due to higher gross profit, lower selling
and administrative expenses, and favorable foreign currency
translation.
Comparing the Interface segment's quarter to the same quarter of
fiscal 2020,
- Net sales were $17.6 million, up $2.7 million or 18.1% from
$14.9 million primarily due to higher sales volume of appliance
products, partially offset by a decrease in legacy data solutions
products.
- Gross margin as a percentage of sales was 22.7 percent, up from
12.1 percent also due to higher sales and lower direct labor
costs.
- Income from operations was $3.2 million, up from $0.7 million
primarily due to higher gross profit and lower selling and
administrative expense.
Comparing the Medical segment's quarter to the same quarter of
fiscal 2020,
- Net sales were $0.7 million, up from $0.6 million. The higher
net sales were due to increased product acceptance.
- Loss from operations was $1.0 million, compared to a loss of
$1.6 million.
Fiscal Fourth Quarter 2021 GuidanceFor 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.
Management CommentsPresident 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%."
Non-GAAP Financial MeasuresTo supplement the
company's financial statements presented in accordance with
generally accepted accounting principles in the United States
(“GAAP”), Methode uses certain non-GAAP financial measures, such as
EBITDA, Free Cash Flow, Net Debt, and Adjusted Net Sales.
Reconciliation to the nearest GAAP measures of all non-GAAP
measures included in this press release can be found at the end of
this release. Management believes EBITDA is useful to investors as
it is a measure that is commonly used by other companies in our
industry and provides a comparison for investors to the company’s
performance versus its competitors. Management believes Free Cash
Flow is a meaningful measure to investors because management
reviews cash flows generated from operations after taking into
consideration capital expenditures, which are both necessary to
maintain the company’s asset base and which are expected to
generate future cash flows from operations. Prior to Fiscal 2021
the definition of Free Cash Flow was net income plus depreciation
and amortization less capital expenditures. Management believes Net
Debt is a meaningful measure to investors because management
assesses the company’s leverage position after considering
available cash that could be used to repay outstanding debt.
Management believes Adjusted Net Sales is useful to investors to
compare results across periods. Methode's definitions of these
non-GAAP measures may differ from similarly titled measures used by
others. These non-GAAP measures should be considered supplemental
to, and not a substitute for, financial information prepared in
accordance with GAAP.
Conference CallThe company will conduct a
conference call and webcast to review financial and operational
highlights led by its President and Chief Executive Officer, Donald
W. Duda, and Chief Financial Officer, Ronald Tsoumas, today at
10:00 a.m. CST.
To participate in the conference call, please dial 888-506-0062
(domestic) or 973-528-0011 (international) at least five minutes
prior to the start of the event. A simultaneous webcast can be
accessed through the company’s website, www.methode.com, on the
Investors page.
A replay of the teleconference will be available shortly after
the call through March 18, 2021, by dialing 877-481-4010 and
providing passcode 39913. A replay will also be available through
the company’s website, www.methode.com, on the Investors page.
About Methode Electronics, Inc.Methode
Electronics, Inc. (NYSE: MEI) is a global developer of custom
engineered and application specific products and solutions with
manufacturing, design and testing facilities in Belgium, Canada,
China, Egypt, Germany, India, Italy, Lebanon, Malta, Mexico, the
Netherlands, Singapore, Switzerland, the United Kingdom and the
United States. We design, manufacture and market devices employing
electrical, electronic, LED lighting, sensor, and radio remote
control technologies. Our business is managed on a segment basis,
with those segments being Automotive, Industrial, Interface and
Medical.
Our components are found in the primary end-markets of the
aerospace, appliance, construction, consumer and industrial
equipment, communications (including information processing and
storage, networking equipment, wireless and terrestrial voice/data
systems), medical, rail, consumer automotive, commercial vehicle,
and other transportation industries.
Forward-Looking StatementsThis press release
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. Methode undertakes
no duty to update any forward-looking statement to conform the
statement to actual results or changes in Methode's expectations on
a quarterly basis or otherwise. The forward-looking statements in
this press release 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 annual and
quarterly reports. Such factors may include, without limitation,
the following: (1) impact from pandemics, such as the COVID-19
pandemic; (2) dependence on our supply chain, including
semiconductor and resin suppliers; (3) dependence on the
automotive, appliance, commercial vehicle, computer and
communications industries; (4) dependence on a small number of
large customers, including two large automotive customers; (5)
recognition of goodwill and long-lived asset impairment charges;
(6) timing and magnitude of costs associated with restructuring
activities; (7) international trade disputes resulting in tariffs
and our ability to mitigate tariffs; (8) timing, quality and cost
of new program launches; (9) ability to withstand price pressure,
including pricing reductions; (10) failure to attract and retain
qualified personnel; (11) ability to successfully market and sell
Dabir Surfaces products; (12) currency fluctuations; (13) customary
risks related to conducting global operations; (14) costs
associated with environmental, health and safety regulations; (15)
ability to withstand business interruptions; (16) ability to
successfully benefit from acquisitions and divestitures; (17)
investment in programs prior to the recognition of revenue; (18)
dependence on the availability and price of materials; (19)
judgments related to accounting for tax positions; (20) income tax
rate fluctuations; (21) adjustments to compensation expense for
performance-based awards; (22) ability to keep pace with rapid
technological changes; (23) breaches to our information technology
systems; (24) ability to avoid design or manufacturing defects;
(25) ability to compete effectively; (26) ability to protect our
intellectual property; (27) success of recent acquisitions and/or
our ability to implement and profit from new applications of the
acquired technology; (28) ability to manage our debt levels and any
restrictions thereunder; and (29) impact to interest expense from
the replacement or modification of LIBOR.
For Methode Electronics, Inc.Robert K.
CherryVice President, Investor
Relationsrcherry@methode.com708-457-4030
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME (Unaudited)(in millions, except share and
per-share data)
|
Three Months Ended |
|
Nine Months Ended |
|
|
January 30,2021 |
|
February 1,2020 |
|
January 30,2021 |
|
February 1,2020 |
|
|
(13 Weeks) |
|
(14 Weeks) |
|
(39 Weeks) |
|
(40 Weeks) |
|
Net Sales |
$ |
295.3 |
|
$ |
285.9 |
|
$ |
787.0 |
|
$ |
813.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Products Sold |
|
222.7 |
|
|
206.6 |
|
|
588.5 |
|
|
589.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
72.6 |
|
|
79.3 |
|
|
198.5 |
|
|
223.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and Administrative
Expenses |
|
32.4 |
|
|
33.0 |
|
|
89.8 |
|
|
98.6 |
|
Amortization of Intangibles |
|
4.8 |
|
|
4.8 |
|
|
14.5 |
|
|
14.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
35.4 |
|
|
41.5 |
|
|
94.2 |
|
|
110.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net |
|
1.3 |
|
|
2.4 |
|
|
4.3 |
|
|
8.0 |
|
Other Income, Net |
|
(2.4 |
) |
|
(4.9 |
) |
|
(8.4 |
) |
|
(5.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
36.5 |
|
|
44.0 |
|
|
98.3 |
|
|
108.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense |
|
4.6 |
|
|
2.8 |
|
|
7.1 |
|
|
15.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
31.9 |
|
$ |
41.2 |
|
$ |
91.2 |
|
$ |
93.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Income per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.84 |
|
$ |
1.10 |
|
$ |
2.40 |
|
$ |
2.48 |
|
Diluted |
$ |
0.83 |
|
$ |
1.09 |
|
$ |
2.39 |
|
$ |
2.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Dividends per Share |
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.33 |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of Shares
Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
38,106,793 |
|
|
37,587,742 |
|
|
38,016,711 |
|
|
37,570,423 |
|
Diluted |
|
38,400,096 |
|
|
37,753,971 |
|
|
38,228,685 |
|
|
37,720,516 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(in millions, except share and per-share
data)
|
January 30,2021 |
|
May 2,2020 |
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
Cash and Cash Equivalents |
$ |
218.7 |
|
$ |
217.3 |
|
Accounts Receivable, Net |
|
278.5 |
|
|
188.5 |
|
Inventories |
|
124.0 |
|
|
131.0 |
|
Income Tax Receivable |
|
5.5 |
|
|
12.9 |
|
Prepaid Expenses and Other Current Assets |
|
18.3 |
|
|
15.9 |
|
TOTAL CURRENT
ASSETS |
|
645.0 |
|
|
565.6 |
|
LONG-TERM
ASSETS |
|
|
|
|
|
|
Property, Plant and Equipment, Net |
|
205.4 |
|
|
201.9 |
|
Goodwill |
|
234.8 |
|
|
231.6 |
|
Other Intangible Assets, Net |
|
233.7 |
|
|
244.8 |
|
Operating Lease Assets, Net |
|
23.3 |
|
|
23.5 |
|
Deferred Tax Assets |
|
41.9 |
|
|
31.4 |
|
Pre-production Costs |
|
22.6 |
|
|
37.1 |
|
Other Long-term Assets |
|
37.8 |
|
|
34.7 |
|
TOTAL LONG-TERM
ASSETS |
|
799.5 |
|
|
805.0 |
|
TOTAL
ASSETS |
$ |
1,444.5 |
|
$ |
1,370.6 |
|
|
|
|
|
|
|
|
LIABILITIES &
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Accounts Payable |
$ |
117.8 |
|
$ |
73.8 |
|
Accrued Employee Liabilities |
|
26.5 |
|
|
19.1 |
|
Other Accrued Liabilities |
|
32.9 |
|
|
18.5 |
|
Short-term Operating Lease Liability |
|
6.4 |
|
|
5.5 |
|
Short-term Debt |
|
15.4 |
|
|
15.3 |
|
Income Tax Payable |
|
10.2 |
|
|
11.6 |
|
TOTAL CURRENT
LIABILITIES |
|
209.2 |
|
|
143.8 |
|
LONG-TERM
LIABILITIES |
|
|
|
|
|
|
Long-term Debt |
|
229.2 |
|
|
336.8 |
|
Long-term Operating Lease Liability |
|
18.6 |
|
|
20.4 |
|
Long-term Income Tax Payable |
|
26.2 |
|
|
29.3 |
|
Other Long-term Liabilities |
|
21.6 |
|
|
15.3 |
|
Deferred Tax Liabilities |
|
42.1 |
|
|
41.6 |
|
TOTAL LONG-TERM
LIABILITIES |
|
337.7 |
|
|
443.4 |
|
TOTAL
LIABILITIES |
|
546.9 |
|
|
587.2 |
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
Common Stock, $0.50 par value, 100,000,000 shares authorized,
39,793,362 shares and 38,438,111 shares issued as of January 30,
2021 and May 2, 2020, respectively |
|
19.9 |
|
|
19.2 |
|
Additional Paid-in Capital |
|
154.4 |
|
|
150.7 |
|
Accumulated Other Comprehensive Income (Loss) |
|
8.2 |
|
|
(26.9 |
) |
Treasury Stock, 1,346,624 shares as of January 30, 2021 and May 2,
2020 |
|
(11.5 |
) |
|
(11.5 |
) |
Retained Earnings |
|
726.6 |
|
|
651.9 |
|
TOTAL SHAREHOLDERS'
EQUITY |
|
897.6 |
|
|
783.4 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
1,444.5 |
|
$ |
1,370.6 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited)(in millions)
|
Nine Months Ended |
|
|
January 30,2021 |
|
February 1,2020 |
|
|
(39 Weeks) |
|
(40 Weeks) |
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net Income |
$ |
91.2 |
|
$ |
93.3 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities: |
|
|
|
|
|
|
Depreciation and Amortization |
|
38.2 |
|
|
36.0 |
|
Stock-based Compensation Expense |
|
4.3 |
|
|
5.6 |
|
Change in Cash Surrender Value of Life Insurance |
|
(1.4 |
) |
|
(0.6 |
) |
Amortization of Debt Issuance Costs |
|
0.5 |
|
|
0.5 |
|
Change in Deferred Income Taxes |
|
(5.9 |
) |
|
(0.4 |
) |
Other |
|
1.6 |
|
|
0.3 |
|
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
Accounts Receivable |
|
(77.1 |
) |
|
(10.5 |
) |
Inventories |
|
11.8 |
|
|
(9.9 |
) |
Prepaid Expenses and Other Assets |
|
21.3 |
|
|
(12.8 |
) |
Accounts Payable and Other Liabilities |
|
59.3 |
|
|
(18.9 |
) |
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
143.8 |
|
|
82.6 |
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
Purchases of Property, Plant and Equipment |
|
(20.1 |
) |
|
(34.9 |
) |
Sale of Business/Investment/Property |
|
0.1 |
|
|
0.5 |
|
NET CASH USED IN
INVESTING ACTIVITIES |
|
(20.0 |
) |
|
(34.4 |
) |
|
|
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
|
|
Taxes Paid Related to Net Share Settlement of Equity Awards |
|
(3.9 |
) |
|
(0.4 |
) |
Proceeds from Exercise of Stock Options |
|
0.1 |
|
|
— |
|
Repayments of Finance Leases |
|
(0.4 |
) |
|
(0.5 |
) |
Cash Dividends |
|
(13.2 |
) |
|
(12.2 |
) |
Proceeds from Borrowings |
|
1.5 |
|
|
57.3 |
|
Repayments of Borrowings |
|
(111.9 |
) |
|
(93.9 |
) |
NET CASH USED IN
FINANCING ACTIVITIES |
|
(127.8 |
) |
|
(49.7 |
) |
Effect of Foreign Currency
Exchange Rate Changes on Cash and Cash Equivalents |
|
5.4 |
|
|
(1.8 |
) |
INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
1.4 |
|
|
(3.3 |
) |
Cash and Cash Equivalents at
Beginning of the Year |
|
217.3 |
|
|
83.2 |
|
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD |
$ |
218.7 |
|
$ |
79.9 |
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
|
|
Cash Paid During the Period For: |
|
|
|
|
|
|
Interest |
$ |
4.3 |
|
$ |
7.6 |
|
Income Taxes, Net of Refunds |
$ |
9.6 |
|
$ |
16.2 |
|
Operating Lease Obligations |
$ |
6.7 |
|
$ |
6.5 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURES
(Unaudited)(in millions)
|
Three Months Ended |
|
Nine Months Ended |
|
January 30,2021 |
|
February 1,2020 |
|
January 30,2021 |
|
February 1,2020 |
|
(13 Weeks) |
|
(14 Weeks) |
|
(39 Weeks) |
|
(40 Weeks) |
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
31.9 |
|
$ |
41.2 |
|
$ |
91.2 |
|
$ |
93.3 |
Income Tax Expense |
|
4.6 |
|
|
2.8 |
|
|
7.1 |
|
|
15.3 |
Interest Expense, Net |
|
1.3 |
|
|
2.4 |
|
|
4.3 |
|
|
8.0 |
Amortization of Intangibles |
|
4.8 |
|
|
4.8 |
|
|
14.5 |
|
|
14.3 |
Depreciation |
|
8.7 |
|
|
7.5 |
|
|
23.7 |
|
|
21.7 |
EBITDA |
$ |
51.3 |
|
$ |
58.7 |
|
$ |
140.8 |
|
$ |
152.6 |
|
Three Months Ended |
|
Nine Months Ended |
|
|
January 30,2021 |
|
February 1,2020 |
|
January 30,2021 |
|
February 1,2020 |
|
|
(13 Weeks) |
|
(14 Weeks) |
|
(39 Weeks) |
|
(40 Weeks) |
|
Free Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by Operating
Activities |
$ |
87.1 |
|
$ |
14.8 |
|
$ |
143.8 |
|
$ |
82.6 |
|
Purchases of Property, Plant and
Equipment |
|
(4.9 |
) |
|
(8.1 |
) |
|
(20.1 |
) |
|
(34.9 |
) |
Free Cash Flow |
$ |
82.2 |
|
$ |
6.7 |
|
$ |
123.7 |
|
$ |
47.7 |
|
|
January 30,2021 |
|
May 2,2020 |
|
Net Debt: |
|
|
|
|
|
|
Short-Term Debt |
$ |
15.4 |
|
$ |
15.3 |
|
Long-Term Debt |
|
229.2 |
|
|
336.8 |
|
Total Debt |
|
244.6 |
|
|
352.1 |
|
Less: Cash and Cash
Equivalents |
|
(218.7 |
) |
|
(217.3 |
) |
Net Debt |
$ |
25.9 |
|
$ |
134.8 |
|
|
Three Months Ended |
|
|
|
|
|
January 30,2021 |
|
February 1,2020 |
|
|
|
|
|
(13 Weeks) |
|
(14 Weeks) |
|
Growth |
|
Adjusted Net Sales: |
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
295.3 |
|
$ |
285.9 |
|
|
|
|
Effect of Currency Translation |
|
(9.7 |
) |
|
— |
|
|
|
|
Impact of 14th Week |
|
— |
|
|
(20.4 |
) |
|
|
|
Adjusted Net Sales |
$ |
285.6 |
|
$ |
265.5 |
|
|
7.6 |
% |
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