Methode Electronics, Inc. (NYSE:MEI) Q2 2023 Earnings Conference Call December 1, 2022 11:00 AM ET
Company Participants
Robert Cherry - Vice President of Investor Relations
Don Duda - President and Chief Executive Officer
Ron Tsoumas - Chief Financial Officer
Conference Call Participants
Luke Junk - Baird
John Franzreb - Sidoti & Company
David Kelley - Jefferies
Gary Prestopino - Barrington Research
Operator
Hello, ladies and gentlemen, and welcome to the Methode Electronics Second Quarter Fiscal Year 2023 Results Call. At this time, all participants are placed on a listen-only mode, and the floor will be opened for questions and comments after the presentation.
It is now my pleasure to turn the floor over to your host, Mr. Robert Cherry, Vice President of Investor Relations. Sir, the floor is yours.
Robert Cherry
Thank you, operator. Good morning, and welcome to Methode Electronics fiscal 2023 second quarter earnings conference call. For this call, we have prepared a presentation entitled Fiscal 2023 second 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 statements 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 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 second 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 with the highlights on slide four. Our sales for the quarter were a record $316 million, this was achieved despite a significant headwind from foreign exchange, which was partially offset by strong sales in China, loss sales due to the COVID lockdowns in China in the first quarter were recovered in the second quarter. These China sales recoveries are now behind us. Also helping to offset the foreign exchange headwind we’re ongoing material spot buy and premium freight cost recovery efforts.