Methode Electronics, Inc. (NYSE: MEI), a leading
global supplier of custom-engineered solutions for user interface,
LED lighting and power distribution applications, today announced
financial results for the third quarter of fiscal 2022 ended
January 29, 2022.
Fiscal Third Quarter 2022 Highlights
- Net sales were $291.6 million
- Electric and hybrid vehicle applications were a record 19
percent of net sales
- Net income was $29.4 million, or $0.78 per diluted share, and
included $2.7 million of restructuring costs, or $0.07 per diluted
share, and discrete tax benefits of $2.2 million, or $0.06 per
diluted share
- Company purchased 460,161 shares of its common stock for $21.3
million
- Company was awarded new programs with expected annual sales of
over $100 million with approximately 70% of the expected sales in
electric and hybrid vehicle applications
Consolidated Fiscal Third Quarter 2022 Financial
Results
Methode's net sales were $291.6 million, which included $8.6
million of premium freight cost recovery and an unfavorable foreign
currency impact of $2.0 million, down 1.3% compared to $295.3
million in the same quarter of fiscal 2021. Excluding the premium
freight cost recovery and foreign currency impacts, net sales were
down 3.5% compared to the same quarter of fiscal 2021. The decrease
was due to lower sales volumes in the Automotive segment mainly due
to demand weakness in Europe, partially offset by higher sales
volumes in the Industrial segment driven in part by strength in
power and lighting products.
Income from operations was $29.8 million or 10.2% of net sales,
compared to $35.4 million or 12.0% of net sales in the same quarter
of fiscal 2021. The decrease was primarily due to the lower sales
and to higher restructuring costs of $3.1 million, which compared
to $0.7 million in the same quarter of fiscal 2021. The decrease
was partially offset by $2.9 million of premium freight cost
recovery.
Other income was $4.4 million, compared to $2.4 million in the
same quarter of fiscal 2021. The increase was primarily due to
international government grants and lower net foreign exchange
losses.
Income tax expense was $4.1 million, compared to $4.6 million in
the same quarter of fiscal 2021. The effective tax rate was 12.2%,
compared to 12.6% in the same quarter of fiscal 2021. The tax rate
in fiscal 2022 benefitted from discrete tax benefits of $2.2
million mainly from the reversal of valuation allowances related to
certain loss carryforwards. The tax rate in the same quarter of
fiscal 2021 benefitted $1.7 million mainly from additional foreign
tax credits.
Net income was $29.4 million or $0.78 per diluted share,
compared to $31.9 million or $0.83 per diluted share in the same
quarter of fiscal 2021.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization of Intangibles), a non-GAAP financial measure, was
$47.9 million, compared to $51.3 million in the same quarter of
fiscal 2021.
Debt was $215.6 million at the end of the quarter, compared to
$240.1 million at the end of fiscal 2021. Net debt, a non-GAAP
financial measure defined as debt less cash and cash equivalents,
was $62.5 million, compared to $6.9 million at the end of fiscal
2021. The increase in net debt was primarily driven by the use of
cash to fund the share buyback program.
Free cash flow, a non-GAAP financial measure defined as net cash
provided by operating activities less purchases of property, plant,
and equipment, was $11.8 million, compared to $82.2 million in the
same quarter of fiscal 2021. The decrease was mainly due to
investment in working capital including inventory to support sales
and supply chain mitigation efforts.
On March 31, 2021, the Board of Directors authorized the
purchase of up to $100.0 million of Methode common stock. The
company purchased and retired 460,161 shares of stock for $21.3
million in the quarter. As of January 29, 2022, a total of
1,593,139 shares have been purchased under the authorization at a
total cost of $71.2 million.
Segment Fiscal Third Quarter 2022 Financial
Results
Comparing the Automotive segment's quarter to the same quarter
of fiscal 2021,
- Net sales were $195.4 million, down $15.1 million or 7.2% from
$210.5 million. The decrease was mainly due to lower sales volumes
in Europe resulting from reduced OEM demand due to semiconductor
shortages. The segment net sales in the quarter were positively
impacted by $2.0 million of premium freight cost recovery,
partially offset by $1.6 million from foreign currency
translation.
- Income from operations was $24.5 million, down $5.1 million or
17.2% from $29.6 million primarily due to lower sales volumes and
slightly higher selling and administrative expense, partially
offset by $2.0 million of premium freight cost recovery. Income
from operations was 12.5% of net sales, down from 14.1%.
Comparing the Industrial segment's quarter to the same quarter
of fiscal 2021,
- Net sales were $80.0 million, up $13.5 million or 20.3% from
$66.5 million. All product categories had higher sales including
electric vehicle busbars, commercial vehicle lighting, and radio
remote controls. The segment net sales in the quarter were
positively impacted by $6.6 million of premium freight cost
recovery, partially offset by $0.4 million from foreign currency
translation.
- Income from operations was $17.7 million, up $0.8 million or
4.7% from $16.9 million primarily due to higher sales volumes. The
increase was negatively impacted by restructuring costs of $3.1
million, partially offset by $0.9 million of premium freight cost
recovery. Income from operations was 22.1% of net sales, down from
25.4%.
Comparing the Interface segment's quarter to the same quarter of
fiscal 2021,
- Net sales were $15.2 million, down $2.4 million or 13.6% from
$17.6 million primarily due to lower sales in appliance
applications, which were negatively impacted by the semiconductor
shortages.
- Income from operations was $2.1 million, down $1.1 million or
34.4% from $3.2 million. Income from operations was 13.8% of net
sales, down from 18.2%.
Comparing the Medical segment's quarter to the same quarter of
fiscal 2021,
- Net sales were $1.0 million, up from $0.7 million.
- Loss from operations was $1.6 million, compared to a loss of
$1.0 million mainly due to higher material costs from expediting
components due to shortages.
Fiscal 2022 Full Year Guidance
For the fiscal year 2022, the company increased its expectation
for net sales to be in the range of $1,160 to $1,170 million, up
from the previous range of $1,140 to $1,160 million. The increase
is mainly driven by the premium freight cost recovery in the second
half of the fiscal year. This cost recovery is a pass-through to
customers and does not impact earnings per share for the full year.
Diluted earnings per share was narrowed to a range of $3.05 to
$3.15 from the previous range of $3.00 to $3.20.
The guidance is subject to disruption due to a variety of
factors including the impact from the COVID-19 pandemic, the
ongoing semiconductor shortages, other supply chain disruptions,
and both short and long-term supply chain rationalization and
restructuring efforts.
Management Comments
President and Chief Executive Officer Donald W. Duda said,
“Despite the significant demand headwind in auto, particularly in
Europe, and the ongoing supply chain challenges, our mitigation
efforts in the quarter helped to deliver solid sales, which were
driven by a strong performance in our Industrial segment and yet
another record for EV application sales."
Mr. Duda added, "Even more encouraging was our strong award
bookings of over $100 million, which were mostly driven by EV
programs. In addition, we continued to execute on our balanced
capital allocation strategy with over $21 million in shares
purchased in the quarter."
Non-GAAP Financial Measures
To 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, Net Debt, and Free Cash Flow.
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 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 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. 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 Call
The 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 L. G. 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 17, 2022, by dialing 877-481-4010 and
providing passcode 44597. A webcast 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 leading global
supplier of custom-engineered solutions with sales, engineering and
manufacturing locations in North America, Europe, Middle East and
Asia. We design, engineer, and produce mechatronic products for
OEMs utilizing our broad range of technologies for user interface,
LED lighting system, power distribution and sensor
applications.
Our solutions are found in the end markets of transportation
(including automotive, commercial vehicle, e-bike, aerospace, bus,
and rail), cloud computing infrastructure, construction equipment,
consumer appliance, and medical devices. Our business is managed on
a segment basis, with those segments being Automotive, Industrial,
Interface and Medical.
Forward-Looking Statements
This 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 the automotive and commercial vehicle
industries; 3) Dependence on our supply chain, including
semiconductor suppliers; 4) Dependence on a small number of large
customers, including two large automotive customers; 5) Dependence
on the availability and price of materials; 6) Failure to attract
and retain qualified personnel; 7) Timing, quality and cost of new
program launches; 8) Risks related to conducting global operations;
9) Ability to compete effectively; 10) Investment in programs prior
to the recognition of revenue; 11) Ability to withstand pricing
pressures, including price reductions; 12) Impact from production
delays or cancelled orders; 13) Ability to successfully benefit
from acquisitions and divestitures; 14) Ability to withstand
business interruptions; 15) Breaches to our information technology
systems; 16) Ability to keep pace with rapid technological changes;
17) Ability to protect our intellectual property; 18) Costs
associated with environmental, health and safety regulations; 19)
International trade disputes resulting in tariffs and our ability
to mitigate tariffs; 20) Impact from climate change and related
regulations; 21) Ability to avoid design or manufacturing defects;
22) Recognition of goodwill and long-lived asset impairment
charges; 23) Ability to manage our debt levels and any restrictions
thereunder; 24) Currency fluctuations; 25) Income tax rate
fluctuations; 26) Judgments related to accounting for tax
positions; 27) Adjustments to compensation expense for
performance-based awards; 28) Timing and magnitude of costs
associated with restructuring activities; 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 per-share
data) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
January 29,2022 |
|
|
January 30,2021 |
|
|
January 29,2022 |
|
|
January 30,2021 |
|
Net sales |
|
$ |
291.6 |
|
|
$ |
295.3 |
|
|
$ |
874.9 |
|
|
$ |
787.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
222.5 |
|
|
|
222.7 |
|
|
|
664.9 |
|
|
|
588.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
69.1 |
|
|
|
72.6 |
|
|
|
210.0 |
|
|
|
198.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative
expenses |
|
|
34.5 |
|
|
|
32.4 |
|
|
|
98.5 |
|
|
|
89.8 |
|
Amortization of
intangibles |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
14.4 |
|
|
|
14.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
29.8 |
|
|
|
35.4 |
|
|
|
97.1 |
|
|
|
94.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
0.7 |
|
|
|
1.3 |
|
|
|
2.9 |
|
|
|
4.3 |
|
Other income, net |
|
|
(4.4 |
) |
|
|
(2.4 |
) |
|
|
(7.1 |
) |
|
|
(8.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
33.5 |
|
|
|
36.5 |
|
|
|
101.3 |
|
|
|
98.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
4.1 |
|
|
|
4.6 |
|
|
|
15.3 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
29.4 |
|
|
$ |
31.9 |
|
|
$ |
86.0 |
|
|
$ |
91.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.80 |
|
|
$ |
0.84 |
|
|
$ |
2.30 |
|
|
$ |
2.40 |
|
Diluted |
|
$ |
0.78 |
|
|
$ |
0.83 |
|
|
$ |
2.26 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends per share |
|
$ |
0.14 |
|
|
$ |
0.11 |
|
|
$ |
0.42 |
|
|
$ |
0.33 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in millions, except share and per-share
data) |
|
|
|
January 29, 2022 |
|
|
May 1, 2021 |
|
|
|
(unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
153.1 |
|
|
$ |
233.2 |
|
Accounts receivable, net |
|
|
285.2 |
|
|
|
282.5 |
|
Inventories |
|
|
167.0 |
|
|
|
124.2 |
|
Income taxes receivable |
|
|
14.2 |
|
|
|
11.5 |
|
Prepaid expenses and other current assets |
|
|
20.9 |
|
|
|
22.6 |
|
Total current assets |
|
|
640.4 |
|
|
|
674.0 |
|
Long-term assets: |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
200.6 |
|
|
|
204.0 |
|
Goodwill |
|
|
234.0 |
|
|
|
235.6 |
|
Other intangible assets, net |
|
|
213.3 |
|
|
|
229.4 |
|
Operating lease right-of-use assets, net |
|
|
18.0 |
|
|
|
22.3 |
|
Deferred tax assets |
|
|
38.8 |
|
|
|
41.2 |
|
Pre-production costs |
|
|
28.7 |
|
|
|
25.0 |
|
Other long-term assets |
|
|
37.5 |
|
|
|
35.5 |
|
Total long-term assets |
|
|
770.9 |
|
|
|
793.0 |
|
Total assets |
|
$ |
1,411.3 |
|
|
$ |
1,467.0 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
115.9 |
|
|
$ |
122.9 |
|
Accrued employee liabilities |
|
|
26.6 |
|
|
|
33.5 |
|
Other accrued liabilities |
|
|
24.7 |
|
|
|
25.0 |
|
Short-term operating lease liabilities |
|
|
6.1 |
|
|
|
6.1 |
|
Short-term debt |
|
|
13.2 |
|
|
|
14.9 |
|
Income tax payable |
|
|
17.2 |
|
|
|
20.3 |
|
Total current liabilities |
|
|
203.7 |
|
|
|
222.7 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
202.4 |
|
|
|
225.2 |
|
Long-term operating lease liabilities |
|
|
12.9 |
|
|
|
17.5 |
|
Long-term income taxes payable |
|
|
22.1 |
|
|
|
24.8 |
|
Other long-term liabilities |
|
|
16.4 |
|
|
|
20.5 |
|
Deferred tax liabilities |
|
|
37.4 |
|
|
|
38.3 |
|
Total long-term liabilities |
|
|
291.2 |
|
|
|
326.3 |
|
Total liabilities |
|
|
494.9 |
|
|
|
549.0 |
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Common stock, $0.50 par value, 100,000,000 shares authorized,
38,276,968 shares and 39,644,913 shares issued as of January 29,
2022 and May 1, 2021, respectively |
|
|
19.2 |
|
|
|
19.8 |
|
Additional paid-in capital |
|
|
166.4 |
|
|
|
157.6 |
|
Accumulated other comprehensive (loss) income |
|
|
(10.6 |
) |
|
|
6.1 |
|
Treasury stock, 1,346,624 shares as of January 29, 2022 and May 1,
2021 |
|
|
(11.5 |
) |
|
|
(11.5 |
) |
Retained earnings |
|
|
752.9 |
|
|
|
746.0 |
|
Total shareholders' equity |
|
|
916.4 |
|
|
|
918.0 |
|
Total liabilities and shareholders' equity |
|
$ |
1,411.3 |
|
|
$ |
1,467.0 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (in millions) |
|
|
|
Nine Months Ended |
|
|
|
January 29, 2022 |
|
|
January 30, 2021 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
86.0 |
|
|
$ |
91.2 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
39.6 |
|
|
|
38.2 |
|
Stock-based compensation expense |
|
|
9.2 |
|
|
|
4.3 |
|
Change in cash surrender value of life insurance |
|
|
(0.3 |
) |
|
|
(1.4 |
) |
Amortization of debt issuance costs |
|
|
0.5 |
|
|
|
0.5 |
|
Gain on sale of property, plant and equipment |
|
|
(0.4 |
) |
|
|
— |
|
Impairment of long-lived assets |
|
|
3.1 |
|
|
|
0.6 |
|
Change in deferred income taxes |
|
|
(0.5 |
) |
|
|
(5.9 |
) |
Other |
|
|
0.3 |
|
|
|
1.0 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(7.6 |
) |
|
|
(77.1 |
) |
Inventories |
|
|
(45.1 |
) |
|
|
11.8 |
|
Prepaid expenses and other assets |
|
|
(9.3 |
) |
|
|
21.3 |
|
Accounts payable |
|
|
(2.1 |
) |
|
|
43.5 |
|
Other liabilities |
|
|
(16.6 |
) |
|
|
15.8 |
|
Net cash provided by operating
activities |
|
|
56.8 |
|
|
|
143.8 |
|
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(29.6 |
) |
|
|
(20.1 |
) |
Sale of property, plant and equipment |
|
|
0.6 |
|
|
|
0.1 |
|
Net cash used in investing
activities |
|
|
(29.0 |
) |
|
|
(20.0 |
) |
|
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
|
Taxes paid related to net share settlement of equity awards |
|
|
(0.3 |
) |
|
|
(3.9 |
) |
Repayments of finance leases |
|
|
(0.5 |
) |
|
|
(0.4 |
) |
Proceeds from exercise of stock options |
|
|
0.5 |
|
|
|
0.1 |
|
Purchases of common stock |
|
|
(63.9 |
) |
|
|
— |
|
Cash dividends |
|
|
(15.4 |
) |
|
|
(13.2 |
) |
Proceeds from borrowings |
|
|
— |
|
|
|
1.5 |
|
Repayments of borrowings |
|
|
(24.2 |
) |
|
|
(111.9 |
) |
Net cash used in financing
activities |
|
|
(103.8 |
) |
|
|
(127.8 |
) |
Effect of foreign currency
exchange rate changes on cash and cash equivalents |
|
|
(4.1 |
) |
|
|
5.4 |
|
(Decrease) increase in
cash and cash equivalents |
|
|
(80.1 |
) |
|
|
1.4 |
|
Cash and cash equivalents at
beginning of the period |
|
|
233.2 |
|
|
|
217.3 |
|
Cash and cash
equivalents at end of the period |
|
$ |
153.1 |
|
|
$ |
218.7 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
2.7 |
|
|
$ |
4.3 |
|
Income taxes, net of refunds |
|
$ |
25.6 |
|
|
$ |
9.6 |
|
Operating lease obligations |
|
$ |
6.6 |
|
|
$ |
6.7 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURES
(Unaudited)(in millions) |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
January 29,2022 |
|
|
January 30,2021 |
|
|
January 29,2022 |
|
|
January 30,2021 |
|
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
29.4 |
|
|
$ |
31.9 |
|
|
$ |
86.0 |
|
|
$ |
91.2 |
|
Income tax expense |
|
|
4.1 |
|
|
|
4.6 |
|
|
|
15.3 |
|
|
|
7.1 |
|
Interest expense, net |
|
|
0.7 |
|
|
|
1.3 |
|
|
|
2.9 |
|
|
|
4.3 |
|
Amortization of intangibles |
|
|
4.8 |
|
|
|
4.8 |
|
|
|
14.4 |
|
|
|
14.5 |
|
Depreciation |
|
|
8.9 |
|
|
|
8.7 |
|
|
|
25.2 |
|
|
|
23.7 |
|
EBITDA |
|
$ |
47.9 |
|
|
$ |
51.3 |
|
|
$ |
143.8 |
|
|
$ |
140.8 |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
January 29,2022 |
|
|
January 30,2021 |
|
|
January 29,2022 |
|
|
January 30,2021 |
|
Free Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
$ |
20.1 |
|
|
$ |
87.1 |
|
|
$ |
56.8 |
|
|
$ |
143.8 |
|
Purchases of property, plant
and equipment |
|
|
(8.3 |
) |
|
|
(4.9 |
) |
|
|
(29.6 |
) |
|
|
(20.1 |
) |
Free cash flow |
|
$ |
11.8 |
|
|
$ |
82.2 |
|
|
$ |
27.2 |
|
|
$ |
123.7 |
|
|
|
January 29, 2022 |
|
|
May 1, 2021 |
|
Net Debt: |
|
|
|
|
|
|
|
|
Short-term debt |
|
$ |
13.2 |
|
|
$ |
14.9 |
|
Long-term debt |
|
|
202.4 |
|
|
|
225.2 |
|
Total debt |
|
|
215.6 |
|
|
|
240.1 |
|
Less: cash and cash
equivalents |
|
|
(153.1 |
) |
|
|
(233.2 |
) |
Net debt |
|
$ |
62.5 |
|
|
$ |
6.9 |
|
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