Methode Electronics, Inc. (NYSE:MEI) Q4 2023 Results Conference Call June 22, 2023 11:00 AM ET
Company Participants
Robert Cherry - VP, IR
Don Duda - President and CEO
Ron Tsoumas - CFO
Conference Call Participants
John Franzreb - Sidoti & Company
Gary Prestopino - Barrington Research
Matt Sheerin - Stifel
Operator
Greetings, and welcome to the Methode Electronics Fourth Quarter and Full Year Fiscal 2023 Results Call.
At this time, all participants are in 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, Vice President of Investor Relations. Sir, you may begin.
Robert Cherry
Thank you, operator. Good morning. And welcome to Methode Electronics fiscal 2023 fourth quarter and full year earnings conference call. For this call, we have prepared a presentation entitled Fiscal 2023 Fourth Quarter and Full Year 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. The 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 2023 fourth quarter earnings conference call. I’m joined today by Ron Tsoumas, our Chief Financial Officer, and both Ron and I will have opening comments, and then we will take your questions.
Let’s begin with the highlights on slide 4.
Our sales for the quarter were a healthy $301 million. They were up 4% compared to the prior year, but up 9%, excluding a significant headwind from foreign exchange and a drop in material spot buy and premium freight cost recovery. The increase was mainly due to higher sales in the Industrial segment, driven by lighting solutions for commercial vehicles and by power distribution solutions for electric vehicles. The sales growth from lighting and power products is another data point in our strategic pivot to reduce our reliance on user interface solutions.