Methode Electronics, Inc. (MEI) reported a net loss of $18.3 million, or $0.52 per share, for the first quarter, a stark contrast to the net income of $0.9 million, or $0.02 per share, recorded in the equivalent quarter of fiscal year 2024. On an adjusted basis, the net loss stood at $10.9 million, or $0.31 per share, compared to an adjusted net income of $2.0 million, or $0.06 per share, from the previous year. This adjusted loss was slightly higher than the consensus estimate of a $0.30 loss per share, as projected by three analysts surveyed by Thomson Reuters. These estimates typically exclude special items.The company’s net sales dropped to $258.5 million from $289.7 million in the same quarter of the previous fiscal year, missing analysts’ expectations of $264.65 million.Looking ahead to fiscal 2025, Methode Electronics reiterated its guidance, forecasting net sales to remain consistent with those of fiscal 2024, with adjusted pre-tax income approaching breakeven. For fiscal 2026, the company expects net sales to surpass those of fiscal 2025, with pre-tax income turning positive and significantly increasing over fiscal 2025.The material has been provided by InstaForex Company – www.instaforex.com
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