Methode Electronics, Inc. (NYSE:MEI) Q2 2024 Earnings Conference Call December 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

Gary Prestopino - Barrington Research

Operator

Greetings and welcome to the Methode Electronics Second Quarter Fiscal 2024 Results Call. [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 2024 second quarter earnings conference call. For this call, we have prepared a presentation entitled fiscal 2024 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 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 fiscal 2024 second quarter earnings conference call. I am 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 4. Our sales for the quarter were a solid $288 million. Sales were down year-over-year primarily due to program roll-offs, a tough comp to the prior year in Asia due to COVID delayed sales in China, continued softness in the e-bike market, and of course the impact from the UAW strike. All of these headwinds hit our auto segment. Sales in the quarter were helped by the acquisition of Nordic Lights in the industrial segment.