Methode Electronics, Inc. (NYSE: MEI), a global
developer of custom-engineered and application-specific products
and solutions, announced financial results for the third quarter of
Fiscal 2020 ended February 1, 2020.
For the third quarter ended February 1, 2020, the Company's
accounting period included 14 weeks compared to 13 weeks for the
third quarter ended January 26, 2019. For the nine months ended
February 1, 2020, the Company's accounting period included 40 weeks
compared to 39 weeks for the nine months ended January 26, 2019.
The following discussions of comparative results among periods
should be reviewed in this context.
Financial Results for the Third Quarter of Fiscal
2020Net sales in the third quarter of Fiscal 2020
increased $39.0 million, or 15.8 percent, to $285.9 million from
$246.9 million in the same quarter of Fiscal 2019. The increase in
net sales was largely due to higher sales in the Automotive
segment.
GAAP net income increased $10.5 million to $41.2 million, or
$1.09 per share, in the third quarter of Fiscal 2020 from $30.7
million, or $0.82 per share, in the same period of Fiscal 2019.
GAAP net income in the third quarter of Fiscal 2020 was higher
mainly due to increased gross profit in the Automotive segment.
Adjusted net income, a non-GAAP financial measure, was $39.4
million, or $1.05 per share, in the third quarter of Fiscal 2020
compared to $31.3 million, or $0.83 per share, in the same period
of Fiscal 2019. Adjusted net income excludes expenses for
initiatives to reduce overall costs and improve operational
profitability and purchase accounting adjustments in the
applicable periods.
Year over year, Fiscal 2020 third quarter GAAP net income
benefitted from:
- higher sales ($37.4 million) and gross profit ($13.2 million)
from the Automotive segment;
- the recognition of Grakon acquisition-related costs ($0.8
million) and purchase accounting adjustments related to inventory
($3.0 million) totaling $3.8 million in the third quarter of Fiscal
2019;
- the benefit of initiatives to reduce overall costs and improve
operational profitability taken in Fiscal 2019 of $2.7
million;
- lower net interest expense of $0.8 million; and
- lower expense for initiatives to reduce overall costs and
improve operational profitability of $1.5 million.
Year over year, Fiscal 2020 third quarter GAAP net income was
negatively affected by:
- higher income tax expense of $5.8 million; and
- the impact of foreign currency translation of $0.4
million.
Consolidated gross profit margins increased to 27.7 percent in
the third quarter of Fiscal 2020 compared to 26.0 percent in the
same period last year. The improvement was due to the benefits
realized from the initiatives to reduce overall costs and improve
operational profitability taken in Fiscal 2019 and purchase
accounting adjustments recorded in the third quarter of Fiscal
2019.
Adjusted gross profit margins, a non-GAAP financial measure,
were 27.8 percent in the third quarter of Fiscal 2020 compared to
27.7 percent in the same period last year and exclude expenses for
initiatives to reduce overall costs and improve operational
profitability and purchase accounting adjustments in the applicable
periods.
Selling and administrative expenses as a percentage of sales
decreased to 11.5 percent in the third quarter of Fiscal 2020
compared to 13.3 percent in the same period last year. The decrease
is attributable to lower employment levels as a result of the
initiatives to reduce overall costs and improve operational
profitability taken in Fiscal 2019, partially offset by higher
performance-based compensation.
Adjusted selling and administrative expenses as a percentage of
sales, a non-GAAP financial measure, were 11.3 percent in the third
quarter of Fiscal 2020 compared to 12.5 percent in the same period
last year and exclude expenses for initiatives to reduce overall
costs and improve operational profitability and acquisition-related
costs in the applicable periods.
Year over year, intangible asset amortization expense in the
third quarter of Fiscal 2020 decreased $0.7 million, or 12.7
percent, to $4.8 million, due to lower amortization expense in the
Interface segment.
In the Fiscal 2020 third quarter, income tax expense increased
$5.8 million to $2.8 million compared to an income tax benefit of
$3.0 million in the Fiscal 2019 third quarter. The Company’s
effective tax rate was 6.4 percent in the Fiscal 2020 period
compared to a benefit of (10.4) percent in the previous third
quarter. The increase primarily related to higher pre-tax income in
the Fiscal 2020 third quarter, partially offset by favorable
adjustments due to U.S. Tax Reform from IRS regulations issued in
December 2019, resulting in a lower quarterly effective tax rate.
The prior year comparable period included a tax benefit related to
the finalization of the transition tax from U.S. Tax Reform.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization of Intangibles), a non-GAAP financial measure, was
$58.7 million in the third quarter of Fiscal 2020 compared to $43.1
million in the Fiscal 2019 period.
Adjusted EBITDA, a non-GAAP financial measure, which excludes
expenses for initiatives to reduce overall costs and improve
operational profitability and acquisition-related costs (including
purchase accounting adjustments) from EBITDA, was $59.8 million in
the third quarter of Fiscal 2020 compared to $49.5 million in the
Fiscal 2019 period.
Segment Comparisons (GAAP Reported)Comparing
the Automotive segment's Fiscal 2020 third quarter to the same
period of Fiscal 2019,
- Net sales increased 21.6 percent, or $37.4 million,
attributable to:— a 20.2 percent sales increase in North
America primarily due to higher sales volumes of integrated center
stack and human machine interface assembly products and higher
sales from Grakon's automotive lighting products;— a 30.0
percent sales increase in Europe due to higher sales volumes of
sensor and switch products; and— a 11.2 percent sales
increase in Asia attributable to an increase in touchscreen sales
volumes to an Asian automotive OEM, partially offset by decreased
sales volumes of transmission lead-frame assemblies and sensor
products.
- Gross profit margins increased to 26.2 percent from 24.2
percent primarily due to increased sales volumes.
- Income from operations increased $12.2 million, or 45.2
percent, primarily due to higher gross profit and the benefit from
initiatives to reduce overall costs and improve operational
profitability taken in Fiscal 2019.
Comparing the Industrial segment's Fiscal 2020 third quarter to
the same period of Fiscal 2019,
- Net sales decreased 0.2 percent, or $0.1 million, primarily as
a result of foreign currency translation and lower sales volumes
from Grakon and radio remote control products, partially offset by
higher sales volumes of busbar products.
- Gross profit margins increased to 36.4 percent from 33.1
percent primarily due to $3.0 million of purchase accounting
adjustments related to the acquisition of Grakon recognized in the
third quarter of Fiscal 2019.
- Income from operations increased to $13.2 million compared to
$8.9 million primarily as a result of higher gross profit, lower
selling and administrative expenses and lower intangible asset
amortization expense.
Comparing the Interface segment's Fiscal 2020 third quarter to
the same period of Fiscal 2019,
- Net sales increased 8.8 percent, or $1.2 million, attributable
to higher sales volumes of legacy data solution products.
- Gross profit margins decreased to 12.1 percent from 16.1
percent due to lower sales volumes of appliance products, partially
offset by higher sales volumes of legacy data solution
products.
- Income from operations increased to $0.7 million from
break-even due to lower intangible asset amortization expense and
lower selling and administrative expense.
Comparing the Medical segment's Fiscal 2020 third quarter to the
same period of Fiscal 2019,
- Net sales increased $0.5 million attributable to increased
product acceptance.
- Loss from operations was $1.6 million compared to $1.7 million.
The reduced loss was due to higher gross profit, partially offset
by higher selling and administrative expenses.
Financial Results for the Nine Months Ended February 1,
2020For the nine months ended February 1, 2020, net sales
increased $79.0 million, or 10.8 percent, to $813.3 million from
$734.3 million in the same period of Fiscal 2019. The acquisition
of Grakon increased net sales by $91.9 million. This was partially
offset by the adverse impact from the UAW labor strike at GM, which
reduced net sales by $28.7 million, and currency rate fluctuations,
which reduced net sales by $10.4 million. Excluding the impact on
sales from Grakon, the UAW labor strike at GM and currency rate
fluctuations, net sales increased by $26.2 million.
GAAP net income increased $24.3 million to $93.3 million, or
$2.47 per share, in the nine months ended February 1, 2020 from
$69.0 million, or $1.83 per share, in the same period of Fiscal
2019. GAAP net income in the nine months ended February 1, 2020
benefited from a full period of Grakon results, but was also
negatively impacted (including lost product gross margin and
operational inefficiencies experienced due to reduced business
levels) by the UAW labor strike at GM, which reduced net income by
$7.4 million, or $0.20 per share.
Adjusted net income, a non-GAAP financial measure, was $91.9
million, or $2.44 per share, in the nine months ended February 1,
2020 compared to $87.9 million, or $2.34 per share, in the same
period of Fiscal 2019. Adjusted net income excludes expenses for
initiatives to reduce overall costs and improve operational
profitability, acquisition-related costs (including purchase
accounting adjustments) and long-term incentive plan accrual
adjustments in the applicable periods.
Year over year, GAAP net income in the nine months ended
February 1, 2020 benefitted from:
- higher sales from Grakon of $91.9 million (consists of nine
months of Grakon versus 4.5 months in Fiscal 2019);
- lower acquisition-related costs ($9.7 million) and purchase
accounting adjustments related to inventory ($5.6 million) totaling
$15.3 million;
- lower stock award amortization expense due to an accrual
adjustment of $7.4 million recorded in the nine months ended
January 27, 2019;
- lower expense for initiatives to reduce overall costs and
improve operational profitability recorded in the nine months ended
February 1, 2020 of $1.6 million, versus $5.8 million in the
comparable period of Fiscal 2019;
- the benefit of initiatives to reduce overall costs and improve
operational profitability taken in Fiscal 2019 of $8.0 million;
and
- lower net tariff expense.
Year over year, GAAP net income in the nine months ended
February 1, 2020 was negatively affected by:
- the adverse impact of the UAW labor strike at GM of $7.4
million;
- higher income tax expense of $10.8 million;
- increased intangible asset amortization expense of $3.2
million;
- higher net interest expense of $3.0 million; and
- impact of foreign currency translation of $2.1 million.
Consolidated gross profit margins increased to 27.5 percent in
the nine months ended February 1, 2020 compared to 26.6 percent in
the same period last year. The improvement was primarily due to
higher Grakon sales and purchase accounting adjustments related to
Grakon recognized in the prior year period, partially offset by the
adverse impact of the UAW labor strike at GM, the impact of foreign
currency translation and product mix.
Adjusted gross profit margins, a non-GAAP financial measure,
were 27.6 percent in the nine months ended February 1, 2020
compared to 27.8 percent in the same period of Fiscal 2019 and
exclude expenses for initiatives to reduce overall costs and
improve operational profitability and purchase accounting
adjustments in the applicable periods.
Selling and administrative expenses as a percentage of sales
decreased to 12.1 percent in the nine months ended February 1, 2020
compared to 15.0 percent in the same period of Fiscal 2019. The
decrease is attributable to the benefit of initiatives to reduce
overall costs and improve operational profitability taken in Fiscal
2019, lower stock-based compensation expense, lower
acquisition-related costs and the impact of foreign currency
translation, partially offset by increased performance-based
compensation.
Adjusted selling and administrative expenses as a percentage of
sales, a non-GAAP financial measure, were 12.0 percent in the nine
months ended February 1, 2020 compared to 12.3 percent in the same
period of Fiscal 2019 and exclude expenses for initiatives to
reduce overall costs and improve operational profitability,
acquisition-related costs and long-term incentive plan accrual
adjustments in the applicable periods.
Year over year, intangible asset amortization expense in the
nine months ended February 1, 2020 increased $3.2 million, or 28.8
percent, to $14.3 million, due to amortization expense related to
the Grakon acquisition, partially offset by lower amortization
expense in the Interface segment.
In the nine months ended February 1, 2020, income tax expense
increased $10.8 million to $15.3 million compared to $4.5 million
in the same period of Fiscal 2019. The Company’s effective tax rate
increased to 14.1 percent in nine months ended February 1, 2020
from 6.1 percent in the same period of Fiscal 2019. The increase
was primarily related to higher pre-tax income from the Grakon
acquisition, partially offset by favorable adjustments due to U.S.
Tax Reform from IRS regulations issued in December 2019. In
addition, the Fiscal 2019 period included a tax benefit related to
the finalization of the transition tax from U.S. Tax Reform.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization of Intangibles), a non-GAAP financial measure, was
$152.6 million in the nine months ended February 1, 2020 compared
to $109.1 million in the Fiscal 2019 period. Current period EBITDA
was adversely impacted by $7.4 million from the UAW labor strike at
GM.
Adjusted EBITDA, a non-GAAP financial measure, which excludes
expenses for initiatives to reduce overall costs and improve
operational profitability, acquisition-related costs (including
purchase accounting adjustments) and long-term incentive plan
accrual adjustments from EBITDA, was $154.2 million in the nine
months ended February 1, 2020 compared to $137.6 million in the
Fiscal 2019 period. Adjusted EBITDA in the current period was
adversely impacted by $7.4 million from the UAW labor strike at
GM.
Segment Comparisons (GAAP Reported)Comparing
the Automotive segment's nine months ended February 1, 2020 to the
same period of Fiscal 2019,
- Net sales increased 4.9 percent, or $26.8 million, attributable
to:— a 5.5 percent sales increase in North America primarily
due to higher automotive sales from Grakon of $32.1 million,
partially offset by the adverse impact from the UAW labor strike at
GM of $28.7 million; and— a 8.2 percent sales increase in
Europe due to higher sales volumes of sensor and switch products,
partially offset by an unfavorable impact of foreign currency
translation; partially offset by — a 6.2 percent sales
decline in Asia attributable to decreased sensor and lead-frame
assembly product volume and an unfavorable impact of foreign
currency translation, partially offset by the launch of touchscreen
product sales to an Asian automotive OEM.
- Gross profit margins decreased to 25.4 percent from 26.1
percent due to the adverse impact from the UAW labor strike at GM
which reduced gross profit by $8.7 million, product mix,
unfavorable impact of foreign currency translation and lower Asian
sales volumes.
- Income from operations increased $4.5 million, or 4.7 percent,
resulting from higher income from Grakon and the benefits realized
from initiatives to reduce overall costs and improve operational
profitability taken in Fiscal 2019, partially offset by the adverse
impact from the UAW labor strike at GM.
Comparing the Industrial segment's nine months ended February 1,
2020 to the same period of Fiscal 2019,
- Net sales increased 40.1 percent, or $56.0 million,
attributable to higher Grakon sales of $59.8 million and an
increase in sales volumes of busbar products, partially offset by
lower sales volumes of radio remote controls and the impact of
foreign currency translation.
- Gross profit margins increased to 37.2 percent from 31.8
percent due to higher sales and a favorable product mix from
Grakon, partially offset by reduced radio remote control sales
volumes and net tariff expense. Gross profit margins in the Fiscal
2019 period were also negatively impacted by $5.6 million of
purchase accounting adjustments related to the acquisition of
Grakon.
- Income from operations increased to $44.8 million compared to
$21.1 million resulting from higher income from Grakon, partially
offset by lower sales volumes of radio remote control products and
the impact of foreign currency translation.
Comparing the Interface segment's nine months ended February 1,
2020 to the same period of Fiscal 2019,
- Net sales decreased 9.8 percent, or $4.3 million, attributable
to lower appliance product sales volumes.
- Gross profit margins decreased to 11.3 percent from 15.0
percent due to lower appliance product sales volumes.
- Income from operations increased $0.5 million to $0.7 million
due to lower intangible asset amortization expense and benefits
from initiatives to reduce overall costs and improve operational
profitability taken in Fiscal 2019, partially offset by lower gross
profit.
Comparing the Medical segment's nine months ended February 1,
2020 to the same period of Fiscal 2019,
- Net sales increased $0.5 million attributable to increased
product acceptance.
- Loss from operations improved to $4.9 million from $6.3 million
in the same period of Fiscal 2019, due to the benefits from
initiatives to reduce overall costs and improve operational
profitability taken in Fiscal 2019 as well as higher gross profit.
In the nine months ended January 27, 2019, we incurred $0.9 million
of expenses related to initiatives to reduce overall costs and
improve operational profitability versus $0.1 million of expenses
in the current year period.
Fiscal 2020 GuidanceFor Fiscal 2020, Methode
reaffirms sales guidance in the range of $1.10 billion to $1.13
billion and pre-tax income in the range of $150.3 million to $164.3
million and earnings per share in the range of $3.25 to $3.55.
Fiscal 2020 guidance considers:
- the launch of a significant amount of previously announced new
Automotive business and a laundry program in the Interface segment
at anticipated volumes;
- the anticipated impact of tariffs on imported Chinese goods at
25 percent and the net costs associated with mitigating those
tariffs;
- the potential impact in our Fiscal 2020 fourth quarter
associated with managing our global operations with respect to the
coronavirus; and
- twelve months of Grakon results, as compared to seven and a
half months of Grakon results in Fiscal 2019.
The guidance ranges for Fiscal 2020 are based upon management's
expectations regarding a variety of factors and involve a number of
risks and uncertainties, including, but not limited to, the
following:
- the potential impact of the coronavirus situation on our
business, including the impact on both our customers and
suppliers;
- sales volumes and timing thereof for certain makes and models
of pickup trucks, sports utility vehicles and passenger cars;
- Class 5 through Class 8 truck sales;
- ability to fully realize benefits of Fiscal 2019 initiatives to
reduce overall costs and improve operational profitability;
- ability to realize synergies from the Grakon acquisition;
- no increases to existing tariffs or new tariffs on imported
goods and the ability to mitigate such tariffs;
- the price of commodities, particularly copper and resins;
- the potential effect of legal fees related to the Hetronic
lawsuit;
- sales mix within the markets served;
- currency exchange effect on the operations of businesses;
- no significant supplier issues or manufacturing quality
events;
- no unusual or one-time items;
- potential international government grants for cost
reimbursements based on employment levels; and
- an effective tax rate of approximately 16 percent and no
significant changes in tax credit movement, valuation allowances or
enacted tax laws.
Management CommentsPresident and Chief
Executive Officer, Donald W. Duda said, “given the global
macro-environment and significant headwinds faced by Methode
throughout this fiscal year, I am pleased that our third quarter
performance, largely based on organic growth fueled by new program
launches and our sensor business, led to solid financial
performance." Mr. Duda continued, "aided by the excellent cash
generation, we continue to deleverage, reducing debt by over $100
million since the Grakon acquisition. That said, we remain cautious
and mindful of the coronavirus situation."
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 Adjusted Net Income, Adjusted Earnings Per
Share, Adjusted Income from Operations, Adjusted Gross Profit,
Adjusted Gross Margins as a Percentage of Sales, Adjusted Selling
and Administrative Expenses, Adjusted Selling and Administrative
Expenses as a Percentage of Sales, EBITDA, Adjusted EBITDA, and
Free Cash Flow as non-GAAP measures. 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. 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. The Company believes
that these non-GAAP measures are useful because they (i) provide
both management and investors meaningful supplemental information
regarding financial performance by excluding certain expenses that
may not be indicative of recurring core business operating results,
(ii) permit investors to view Methode's performance using the same
tools that management uses to evaluate its past performance,
reportable business segments and prospects for future performance
and (iii) otherwise provide supplemental information that may be
useful to investors in evaluating Methode.
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, Ron Tsoumas, today at 10:00
a.m. Central time.
To participate in the conference call, please dial (844)
369-8770 (domestic) or (862) 298-0840 (international) at least five
minutes prior to the start of the event. A simultaneous Webcast can
be accessed through the Company’s Web site, www.methode.com, by
selecting the Investor Relations page, and then clicking on the
“Webcast” icon.
A replay of the conference call will be available shortly after
the call through March 12, 2020, by dialing (877) 481-4010 and
providing Conference ID number 33352. On the Internet, a replay
will be available for 30 days through the Company’s Web
site, www.methode.com, by selecting the Investor Relations
page and then clicking on the “Webcast” icon.
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, radio remote control, electronic, LED lighting,
wireless and sensing 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, automotive, commercial
vehicle, construction, consumer and industrial equipment,
communications (including information processing and storage,
networking equipment, wireless and terrestrial voice/data systems),
medical, rail and other transportation industries. Further
information can be found on Methode's Web site www.methode.com.
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) dependence on a small number of large customers,
including two large automotive customers; (2) dependence on the
automotive, appliance, commercial vehicle, computer and
communications industries; (3) international trade disputes
resulting in tariffs and our ability to mitigate tariffs; (4)
potential impact from the coronavirus outbreak; (5) timing, quality
and cost of new program launches; (6) ability to withstand price
pressure, including pricing reductions; (7) ability to successfully
market and sell Dabir Surfaces products; (8) currency
fluctuations; (9) customary risks related to conducting global
operations; (10) ability to withstand business interruptions; (11)
recognition of goodwill impairment charges; (12) ability to
successfully benefit from acquisitions and divestitures; (13)
investment in programs prior to the recognition of revenue; (14)
dependence on the availability and price of materials; (15)
fluctuations in our gross margins; (16) dependence on our supply
chain; (17) income tax rate fluctuations; (18) ability to keep pace
with rapid technological changes; (19) breach of our information
technology systems; (20) ability to avoid design or manufacturing
defects; (21) ability to compete effectively; (22) ability to
protect our intellectual property; (23) success of Grakon and/or
our ability to implement and profit from new applications of the
acquired technology; (24) significant adjustments to expense based
on the probability of meeting certain performance levels in our
long-term incentive plan; (25) ability to manage our debt levels
and any restrictions thereunder; and (26) costs and expenses due to
regulations regarding conflict minerals.
For Methode Electronics, Inc.Mark
ShermetaroVice President Corporate
Developmentmshermetaro@methode.com248-752-3468
Nathan AblerDresner Corporate
Servicesnabler@dresnerco.com714-742-4180
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME (Unaudited)(in millions, except share and
per-share data)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
February 1,2020 |
|
January 26,2019 |
|
February 1,2020 |
|
January 26,2019 |
|
|
(14 Weeks) |
|
(13 Weeks) |
|
(40 Weeks) |
|
(39 Weeks) |
Net Sales |
|
$ |
285.9 |
|
|
$ |
246.9 |
|
|
$ |
813.3 |
|
|
$ |
734.3 |
|
|
|
|
|
|
|
|
|
|
Cost of Products Sold |
|
206.6 |
|
|
182.6 |
|
|
589.6 |
|
|
539.1 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
79.3 |
|
|
64.3 |
|
|
223.7 |
|
|
195.2 |
|
|
|
|
|
|
|
|
|
|
Selling and Administrative
Expenses |
|
33.0 |
|
|
32.8 |
|
|
98.6 |
|
|
110.3 |
|
Amortization of
Intangibles |
|
4.8 |
|
|
5.5 |
|
|
14.3 |
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
Income from Operations |
|
41.5 |
|
|
26.0 |
|
|
110.8 |
|
|
73.8 |
|
|
|
|
|
|
|
|
|
|
Interest Expense, Net |
|
2.4 |
|
|
3.2 |
|
|
8.0 |
|
|
5.0 |
|
Other Income, Net |
|
(4.9 |
) |
|
(4.9 |
) |
|
(5.8 |
) |
|
(4.7 |
) |
|
|
|
|
|
|
|
|
|
Income before Income
Taxes |
|
44.0 |
|
|
27.7 |
|
|
108.6 |
|
|
73.5 |
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
(Benefit) |
|
2.8 |
|
|
(3.0 |
) |
|
15.3 |
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
41.2 |
|
|
$ |
30.7 |
|
|
$ |
93.3 |
|
|
$ |
69.0 |
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Income per
Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.10 |
|
|
$ |
0.82 |
|
|
$ |
2.48 |
|
|
$ |
1.84 |
|
Diluted |
|
$ |
1.09 |
|
|
$ |
0.82 |
|
|
$ |
2.47 |
|
|
$ |
1.83 |
|
|
|
|
|
|
|
|
|
|
Cash Dividends per Share |
|
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.33 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Number of
Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
37,587,742 |
|
|
37,405,550 |
|
|
37,570,423 |
|
|
37,387,181 |
|
Diluted |
|
37,753,971 |
|
|
37,654,250 |
|
|
37,720,516 |
|
|
37,637,470 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in millions, except share and per-share
data)
|
|
February 1,2020 |
|
April 27,2019 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
Cash and Cash Equivalents |
|
$ |
79.9 |
|
|
$ |
83.2 |
|
Accounts Receivable, Net |
|
227.9 |
|
|
219.3 |
|
Inventories |
|
126.1 |
|
|
116.7 |
|
Income Tax Receivable |
|
9.7 |
|
|
14.3 |
|
Prepaid Expenses and Other Current Assets |
|
20.3 |
|
|
20.0 |
|
TOTAL CURRENT
ASSETS |
|
463.9 |
|
|
453.5 |
|
LONG-TERM
ASSETS |
|
|
|
|
Property, Plant and Equipment, Net |
|
199.0 |
|
|
191.9 |
|
Goodwill |
|
233.2 |
|
|
233.3 |
|
Other Intangible Assets, Net |
|
251.0 |
|
|
264.9 |
|
Operating Lease Assets, Net |
|
27.3 |
|
|
— |
|
Deferred Tax Assets |
|
34.3 |
|
|
34.3 |
|
Pre-production Costs |
|
39.9 |
|
|
32.8 |
|
Other Long-term Assets |
|
33.7 |
|
|
21.0 |
|
TOTAL LONG-TERM
ASSETS |
|
818.4 |
|
|
778.2 |
|
TOTAL
ASSETS |
|
$ |
1,282.3 |
|
|
$ |
1,231.7 |
|
|
|
|
|
|
LIABILITIES &
SHAREHOLDERS' EQUITY |
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Accounts Payable |
|
$ |
88.8 |
|
|
$ |
91.9 |
|
Accrued Employee Liabilities |
|
19.7 |
|
|
20.1 |
|
Other Accrued Expenses |
|
22.6 |
|
|
33.9 |
|
Short-term Operating Lease Liability |
|
6.0 |
|
|
— |
|
Short-term Debt |
|
15.1 |
|
|
15.7 |
|
Income Tax Payable |
|
11.4 |
|
|
19.3 |
|
TOTAL CURRENT
LIABILITIES |
|
163.6 |
|
|
180.9 |
|
LONG-TERM
LIABILITIES |
|
|
|
|
Long-term Debt |
|
241.9 |
|
|
276.9 |
|
Long-term Operating Lease Liability |
|
21.9 |
|
|
— |
|
Long-term Income Tax Payable |
|
29.3 |
|
|
33.0 |
|
Other Long-term Liabilities |
|
16.9 |
|
|
14.8 |
|
Deferred Tax Liabilities |
|
35.8 |
|
|
36.4 |
|
TOTAL LONG-TERM
LIABILITIES |
|
345.8 |
|
|
361.1 |
|
TOTAL
LIABILITIES |
|
509.4 |
|
|
542.0 |
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
Common Stock, $0.50 par value, 100,000,000 shares authorized,
38,438,111 shares and 38,333,576 shares issued as of February 1,
2020 and April 27, 2019, respectively |
|
19.2 |
|
|
19.2 |
|
Additional Paid-in Capital |
|
156.0 |
|
|
150.4 |
|
Accumulated Other Comprehensive Loss |
|
(16.4 |
) |
|
(13.6 |
) |
Treasury Stock, 1,346,624 shares as of February 1, 2020 and April
27, 2019 |
|
(11.5 |
) |
|
(11.5 |
) |
Retained Earnings |
|
625.6 |
|
|
545.2 |
|
TOTAL SHAREHOLDERS'
EQUITY |
|
772.9 |
|
|
689.7 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
$ |
1,282.3 |
|
|
$ |
1,231.7 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited)(in millions)
|
|
Nine Months Ended |
|
|
February 1,2020 |
|
January 26,2019 |
|
|
(40 Weeks) |
|
(39 Weeks) |
OPERATING
ACTIVITIES |
|
|
|
|
Net Income |
|
$ |
93.3 |
|
|
$ |
69.0 |
|
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities: |
|
|
|
|
Depreciation and Amortization |
|
36.0 |
|
|
30.6 |
|
Stock-based Compensation Expense |
|
5.6 |
|
|
11.7 |
|
Change in Cash Surrender Value of Life Insurance |
|
(0.6 |
) |
|
(0.2 |
) |
Amortization of Debt Issuance Costs |
|
0.5 |
|
|
0.3 |
|
Gain on Sale of Business / Investment / Property |
|
(0.4 |
) |
|
(0.6 |
) |
Other |
|
0.3 |
|
|
(0.4 |
) |
Changes in Operating Assets and Liabilities: |
|
|
|
|
Accounts Receivable |
|
(10.5 |
) |
|
12.2 |
|
Inventories |
|
(9.9 |
) |
|
(10.9 |
) |
Prepaid Expenses and Other Assets |
|
(12.8 |
) |
|
(16.5 |
) |
Accounts Payable and Other Liabilities |
|
(18.9 |
) |
|
(30.9 |
) |
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
82.6 |
|
|
64.3 |
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
Purchases of Property, Plant and Equipment |
|
(34.9 |
) |
|
(37.0 |
) |
Acquisitions of Businesses, Net of Cash Acquired |
|
— |
|
|
(421.6 |
) |
Sale of Business/Investment/Property |
|
0.5 |
|
|
0.3 |
|
NET CASH USED IN
INVESTING ACTIVITIES |
|
(34.4 |
) |
|
(458.3 |
) |
|
|
|
|
|
FINANCING
ACTIVITIES |
|
|
|
|
Taxes Paid Related to Net Share Settlement of Equity Awards |
|
(0.4 |
) |
|
(1.7 |
) |
Repayments of Finance Leases |
|
(0.5 |
) |
|
— |
|
Cash Dividends |
|
(12.2 |
) |
|
(12.7 |
) |
Proceeds from Borrowings |
|
57.3 |
|
|
350.0 |
|
Repayments of Borrowings |
|
(93.9 |
) |
|
(103.3 |
) |
NET CASH (USED IN)
PROVIDED BY FINANCING ACTIVITIES |
|
(49.7 |
) |
|
232.3 |
|
Effect of Foreign Currency
Exchange Rate Changes on Cash and Cash Equivalents |
|
(1.8 |
) |
|
(10.7 |
) |
DECREASE IN CASH AND
CASH EQUIVALENTS |
|
(3.3 |
) |
|
(172.4 |
) |
Cash and Cash Equivalents at
Beginning of the Year |
|
83.2 |
|
|
246.1 |
|
CASH AND CASH
EQUIVALENTS AT END OF THE PERIOD |
|
$ |
79.9 |
|
|
$ |
73.7 |
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOW
INFORMATION |
|
|
|
|
Cash Paid During the Period For: |
|
|
|
|
Interest |
|
$ |
7.6 |
|
|
$ |
5.6 |
|
Income Taxes, Net of Refunds |
|
$ |
16.2 |
|
|
$ |
18.7 |
|
METHODE ELECTRONICS, INC. AND
SUBSIDIARIES(Unaudited)(in
millions, except per share data)
Reconciliation of Non-GAAP Financial
Measures for the Three Months Ended February 1, 2020 (14
Weeks)
|
|
|
|
|
|
Acquisition-Related Costs |
|
|
|
|
|
|
U.S. GAAP(As Reported) |
|
Expense for Initiatives to Reduce Overall Costs and Improve
Operational Profitability |
|
Purchase Accounting Adjustments Related to
Inventory |
|
Severance |
|
Other |
|
Transition tax and the impact of revaluing deferred taxes
due to the change in the federal tax rate from U.S. Tax
Reform |
|
Non-U.S. GAAP Financial Measures |
Gross Profit |
|
$ |
79.3 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
79.7 |
|
Gross Margin (% of sales) |
|
27.7 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
27.8 |
% |
Selling and Administrative
Expenses |
|
$ |
33.0 |
|
|
$ |
(0.7 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32.3 |
|
Selling and Administrative Expenses (% of sales) |
|
11.5 |
% |
|
(0.2 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
11.3 |
% |
Income from Operations |
|
$ |
41.5 |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
42.6 |
|
Net Income |
|
$ |
41.2 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2.8 |
) |
|
$ |
39.4 |
|
Diluted Earnings per
Share |
|
$ |
1.09 |
|
|
$ |
0.03 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
1.05 |
|
Reconciliation of Non-GAAP Financial
Measures for the Three Months Ended January 26, 2019 (13
Weeks)
|
|
|
|
|
|
Acquisition-Related Costs |
|
|
|
|
|
|
U.S. GAAP(As Reported) |
|
Expense for Initiatives to Reduce Overall Costs and Improve
Operational Profitability |
|
Purchase Accounting Adjustments Related to
Inventory |
|
Severance |
|
Other |
|
Transition tax and the impact of revaluing deferred taxes
due to the change in the federal tax rate from U.S. Tax
Reform |
|
Non-U.S. GAAP Financial Measures |
Gross Profit |
|
$ |
64.3 |
|
|
$ |
1.3 |
|
|
$ |
3.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
68.6 |
|
Gross Margin (% of sales) |
|
26.0 |
% |
|
0.5 |
% |
|
1.2 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
27.7 |
% |
Selling and Administrative
Expenses |
|
$ |
32.8 |
|
|
$ |
(1.3 |
) |
|
$ |
— |
|
|
$ |
(0.1 |
) |
|
$ |
(0.7 |
) |
|
$ |
— |
|
|
$ |
30.7 |
|
Selling and Administrative Expenses (% of sales) |
|
13.3 |
% |
|
(0.5 |
)% |
|
— |
% |
|
— |
% |
|
(0.3 |
)% |
|
— |
% |
|
12.5 |
% |
Income from Operations |
|
$ |
26.0 |
|
|
$ |
2.6 |
|
|
$ |
3.0 |
|
|
$ |
0.1 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
32.4 |
|
Net Income |
|
$ |
30.7 |
|
|
$ |
2.2 |
|
|
$ |
2.5 |
|
|
$ |
0.1 |
|
|
$ |
0.6 |
|
|
$ |
(4.8 |
) |
|
$ |
31.3 |
|
Diluted Earnings per
Share |
|
$ |
0.82 |
|
|
$ |
0.06 |
|
|
$ |
0.07 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
(0.13 |
) |
|
$ |
0.83 |
|
Reconciliation of Non-GAAP Financial
Measures for the Nine Months Ended February 1, 2020 (40
Weeks)
|
|
|
|
|
|
Acquisition-Related Costs |
|
|
|
|
|
|
|
|
U.S. GAAP(As Reported) |
|
Expense for Initiatives to Reduce Overall Costs and Improve
Operational Profitability |
|
Purchase Accounting Adjustments Related to
Inventory |
|
Severance |
|
Other |
|
Long-term Incentive Plan Accrual Adjustment |
|
Transition tax and the impact of revaluing deferred taxes
due to the change in the federal tax rate from U.S. Tax
Reform |
|
Non-U.S. GAAP Financial Measures |
Gross Profit |
|
$ |
223.7 |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
224.3 |
|
Gross Margin (% of sales) |
|
27.5 |
% |
|
0.1 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
27.6 |
% |
Selling and Administrative
Expenses |
|
$ |
98.6 |
|
|
$ |
(1.0 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
97.6 |
|
Selling and Administrative Expenses (% of sales) |
|
12.1 |
% |
|
(0.1 |
)% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
12.0 |
% |
Income from Operations |
|
$ |
110.8 |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
112.4 |
|
Net Income |
|
$ |
93.3 |
|
|
$ |
1.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(2.8 |
) |
|
$ |
91.9 |
|
Diluted Earnings per
Share |
|
$ |
2.47 |
|
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
2.44 |
|
Reconciliation of Non-GAAP Financial
Measures for the Nine Months Ended January 26, 2019 (39
Weeks)
|
|
|
|
|
|
Acquisition-Related Costs |
|
|
|
|
|
|
|
|
U.S. GAAP(As Reported) |
|
Expense for Initiatives to Reduce Overall Costs and Improve
Operational Profitability |
|
Purchase Accounting Adjustments Related to
Inventory |
|
Severance |
|
Other |
|
Long-term Incentive Plan Accrual Adjustment |
|
Transition tax and the impact of revaluing deferred taxes
due to the change in the federal tax rate from U.S. Tax
Reform |
|
Non-U.S. GAAP Financial Measures |
Gross Profit |
|
$ |
195.2 |
|
|
$ |
2.7 |
|
|
$ |
5.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
203.5 |
|
Gross Margin (% of sales) |
|
26.6 |
% |
|
0.4 |
% |
|
0.8 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
27.8 |
% |
Selling and Administrative
Expenses |
|
$ |
110.3 |
|
|
$ |
(3.1 |
) |
|
$ |
— |
|
|
$ |
(1.5 |
) |
|
$ |
(8.2 |
) |
|
$ |
(7.4 |
) |
|
$ |
— |
|
|
$ |
90.1 |
|
Selling and Administrative Expenses (% of sales) |
|
15.0 |
% |
|
(0.4 |
)% |
|
— |
% |
|
(0.2 |
)% |
|
(1.1 |
)% |
|
(1.0 |
)% |
|
— |
% |
|
12.3 |
% |
Income from Operations |
|
$ |
73.8 |
|
|
$ |
5.8 |
|
|
$ |
5.6 |
|
|
$ |
1.5 |
|
|
$ |
8.2 |
|
|
$ |
7.4 |
|
|
$ |
— |
|
|
$ |
102.3 |
|
Net Income |
|
$ |
69.0 |
|
|
$ |
4.8 |
|
|
$ |
4.7 |
|
|
$ |
1.2 |
|
|
$ |
6.8 |
|
|
$ |
6.2 |
|
|
$ |
(4.8 |
) |
|
$ |
87.9 |
|
Diluted Earnings per
Share |
|
$ |
1.83 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.03 |
|
|
$ |
0.18 |
|
|
$ |
0.17 |
|
|
$ |
(0.13 |
) |
|
$ |
2.34 |
|
Reconciliation of EBITDA and Adjusted
EBITDA to Net Income(in millions)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
February 1,2020 |
|
January 26,2019 |
|
February 1,2020 |
|
January 26,2019 |
|
|
(14 Weeks) |
|
(13 Weeks) |
|
(40 Weeks) |
|
(39 Weeks) |
Net Income |
|
$ |
41.2 |
|
|
$ |
30.7 |
|
|
$ |
93.3 |
|
|
$ |
69.0 |
|
Income Tax Expense (Benefit) |
|
2.8 |
|
|
(3.0 |
) |
|
15.3 |
|
|
4.5 |
|
Interest Expense, Net |
|
2.4 |
|
|
3.2 |
|
|
8.0 |
|
|
5.0 |
|
Amortization of Intangibles |
|
4.8 |
|
|
5.5 |
|
|
14.3 |
|
|
11.1 |
|
Depreciation |
|
7.5 |
|
|
6.7 |
|
|
21.7 |
|
|
19.5 |
|
EBITDA |
|
58.7 |
|
|
43.1 |
|
|
152.6 |
|
|
109.1 |
|
Expense for Initiatives to Reduce Overall Costs and Improve
Operational Profitability |
|
1.1 |
|
|
2.6 |
|
|
1.6 |
|
|
5.8 |
|
Acquisition-related Costs - Purchase Accounting Adjustments Related
to Inventory |
|
— |
|
|
3.0 |
|
|
— |
|
|
5.6 |
|
Acquisition-related Costs - Severance |
|
— |
|
|
0.1 |
|
|
— |
|
|
1.5 |
|
Acquisition-related Costs - Other |
|
— |
|
|
0.7 |
|
|
— |
|
|
8.2 |
|
Long-term Incentive Plan Accrual Adjustment due to change in Fiscal
2020 EBITDA estimate |
|
— |
|
|
— |
|
|
— |
|
|
7.4 |
|
Adjusted EBITDA |
|
$ |
59.8 |
|
|
$ |
49.5 |
|
|
$ |
154.2 |
|
|
$ |
137.6 |
|
Reconciliation of Free Cash Flow to Net
Income(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 1,2020 |
|
January 26,2019 |
|
February 1,2020 |
|
January 26,2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14 Weeks) |
|
(13 Weeks) |
|
(40 Weeks) |
|
(39 Weeks) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
41.2 |
|
|
$ |
30.7 |
|
|
$ |
93.3 |
|
|
$ |
69.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of Intangibles |
|
4.8 |
|
|
5.5 |
|
|
14.3 |
|
|
11.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
7.5 |
|
|
6.7 |
|
|
21.7 |
|
|
19.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of Property, Plant and Equipment |
|
(8.1 |
) |
|
(8.4 |
) |
|
(34.9 |
) |
|
(37.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
$ |
45.4 |
|
|
$ |
34.5 |
|
|
$ |
94.4 |
|
|
$ |
62.6 |
|
Methode Electronics (NYSE:MEI)
Historical Stock Chart
From Apr 2024 to May 2024
Methode Electronics (NYSE:MEI)
Historical Stock Chart
From May 2023 to May 2024