Methode Electronics, Inc. (NYSE:MEI) Q1 2024 Earnings Conference Call September 7, 2023 11:00 AM ET
Company Participants
Robert Cherry - Vice President, Investor Relations
Don Duda - President and Chief Executive Officer
Ron Tsoumas - Chief Financial Officer
Conference Call Participants
Luke Junk - Baird
John Franzreb - Sidoti and Company
Gary Prestopino - Barrington Research
John Franzreb - Sidoti and Company
Operator
Greetings and welcome to the Methode Electronics First Quarter Fiscal 2024 Results Call. At this time, all participants are on a listen-only mode, and a question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to your host, Mr. Robert Cherry, VP of Investor Relations. Sir, you may begin.
Robert Cherry
Thank you, operator. Good morning, and welcome to Methode Electronics' fiscal 2024 first-quarter earnings conference call. For this call, we have prepared a presentation entitled Fiscal 2024 first quarter financial results, which can be viewed on the webcast of this call or found at methode.com on the Investors page.
This conference call 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. Forward-looking statements in this conference call 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 10-K and 10-Q reports.
At this time, I'd like to turn the call over to Mr. Don Duda, President and Chief Executive Officer.
Don Duda
Thank you, Rob, and good morning, everyone. Thank you for joining us for our fiscal 2024 first-quarter earnings conference call. I'm joined today by Ron Tsoumas, our Chief Financial Officer. Both Ron and I will have opening comments and then we will take your questions.
Let's begin on slide four. Our sales for the quarter were a solid $290 million. They were up 3% compared to the prior year, mainly due to $21 million in sales from the acquisition of Nordic Lights. Excluding Nordic Lights, foreign exchange, and a significant drop in customer-reimbursed material spot buy and premium freight cost recovery, sales were down 2%. The decrease was mainly due to lower sales in our auto segment, which was partially offset by higher sales in the industrial segment driven by lighting solutions for commercial vehicles.