Exhibit 99.1

 

 

Methode Electronics, Inc. Reports

Fiscal 2020 Fourth Quarter and Record Full Year Financial Results

 

 

Record Fiscal 2020 Net Sales of $1,023.9 Million

 

Record Fiscal 2020 Diluted Income per Share of $3.26

 

Record Fiscal 2020 Free Cash Flow

 

Chicago, IL – June 30, 2020 – Methode Electronics, Inc. (NYSE: MEI)

, a global developer of custom engineered and application specific products and solutions, today announced financial results for the fourth quarter and full year of Fiscal 2020 ended May 2, 2020.

 

The COVID-19 Pandemic‎

The COVID-19 global pandemic negatively impacted our automotive and commercial vehicle‎ ‎businesses as ‎many of our customers suspended their manufacturing operations. As a result, our net ‎sales and ‎production levels declined significantly in the fiscal fourth quarter. The extent of the impact of the COVID-19 ‎pandemic on our business, financial results and liquidity will depend ‎largely on future developments, ‎including the impact on our automotive and commercial vehicle customers. We currently expect the ‎COVID-19 pandemic to adversely impact our results for the first quarter of fiscal 2021 and the full ‎fiscal year. In response to the COVID-19 ‎pandemic and related business disruptions, we implemented measures to manage costs, ‎preserve ‎liquidity and enhance employee safety. These measures include temporary salary reductions, the ‎reduction of capital expenditures, the draw-down of $100.0 million under our revolving credit facility as ‎a precautionary measure‎, enhanced cleaning and disinfection procedures at our facilities and the ‎promotion of social distancing and working from home. ‎

 

Fourth Quarter Fiscal 2020

Methode's net sales decreased $55.4 million, or 20.8 percent, to $210.6 million from $266.0 million in the same quarter of Fiscal 2019. The decrease in net sales was largely due to lower volume in the Automotive and Industrial segments as a result of the COVID-19 pandemic reducing demand and shutting down automotive and commercial vehicle production. These production shutdowns, most of which continued through the end of the fiscal fourth quarter, had a negative impact of approximately $85 million on net sales. Year over year, currency rate fluctuations decreased net sales $3.5 million.

 

GAAP net income increased $7.5 million to $30.1 million, or $0.79 per diluted share, from $22.6 million, or $0.60 per diluted share, in the same quarter of Fiscal 2019. Other income increased $5.5 million to $5.9 million, from $0.4 million in the same quarter of Fiscal 2019, primarily due to higher international

 


The following information was filed by Methode Electronics Inc (MEI) on Tuesday, June 30, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Methode Electronics Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Methode Electronics Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Log in with your credentials

or    

Forgot your details?

Create Account