Methode Electronics, Inc. has recently released its 10-K report, detailing its operations and financial performance. The company operates through four segments: Automotive, Industrial, Interface, and Medical. The Automotive segment supplies electronic and electro-mechanical devices to automobile original equipment manufacturers and their tiered suppliers. The Industrial segment manufactures external lighting solutions, safety radio remote controls, and other products for various markets. The Interface segment provides copper-based transceivers and user interface solutions, while the Medical segment offers surface support technology for pressure injury prevention.
In the 10-K report, Methode Electronics, Inc. discussed the management's discussion and analysis of financial condition and results of operations. The report highlighted the company's decision to discontinue the Dabir Surfaces business in the Medical segment, as well as the acquisition of Nordic Lights. Additionally, the appointment of Jon DeGaynor as the new President and Chief Executive Officer was announced.
The report also outlined various trends affecting the company's business, including macroeconomic conditions, geopolitical conditions, and global supply chain disruptions. The company highlighted the impact of volatile disruptions in the global economy, geopolitical events such as Russia's invasion of Ukraine, and ongoing supply chain disruptions on its operations and financial performance.
Furthermore, the 10-K report provided a detailed comparison of the company's results of operations between fiscal 2024 and fiscal 2023. It reported a decrease in net sales, an increase in cost of products sold, and a significant decrease in gross profit margin. The report also discussed the changes in selling and administrative expenses, goodwill impairment, amortization of intangibles, interest expense, and income tax benefit or expense.
The report also provided specific figures related to the company's operating segments, such as net sales, gross profit, and (loss) income from operations for the Automotive segment, highlighting the decrease in net sales for fiscal 2024 compared to fiscal 2023.
Today the company's shares have moved 43.6% to a price of $13.56. Check out the company's full 10-K submission here.
