Methode Electronics, Inc. (NYSE:MEI) Q3 2023 Earnings Conference Call March 9, 2023 11:00 AM ET
Company Participants
Robert Cherry - Vice President of Investor Relations
Donald Duda - Director, President & Chief Executive Officer
Ronald Tsoumas - Chief Financial Officer
Conference Call Participants
John Franzreb - Sidoti & Company
Gavin Kennedy - Jefferies
Gary Prestopino - Barrington Research
Operator
Good day everyone and welcome to the Methode Electronics Third Quarter Fiscal 2023 Results. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Robert Cherry, Vice President of Investor Relations at Methode Electronics. Sir, the floor is yours.
Robert Cherry
Thank you, operator. Good morning and welcome to Methode Electronics fiscal 2023 third quarter earnings conference call. For this call, we have prepared a presentation entitled fiscal 2023 third quarter financial results, which can be viewed on the website of this call or found at methode.com on the Investors page. This conference call contains certain forward-looking statements, which reflect management 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.
Donald Duda
Thank you, Rob and good morning, everyone. Thank you for joining us for our fiscal 2023 third quarter earnings conference call. I'm joined today by Ron Tsoumas, Chief Financial Officer. Both Ron and I will have opening comments and then we will take your questions.
Let's begin with the highlights on slide four. Our sales for the quarter were $280 million, they were down 4% compared to the prior year, but up 4% excluding a significant headwind from foreign exchange and a sharp drop in material spot buys and premium freight cost recovery. The increase was mainly due to higher sales in the Industrial segment, driven by power distribution solutions for electric vehicles and data centers. Our power product sales continue to be the catalyst behind our strategic pivot to more industrial business and a reduced reliance on user interface solutions. This also results in a better sales balanced between our automotive and industrial reporting segments.