Methode Electronics Reports a Net Income of $0.9 Million for Q2 2023
Revenue Reaches $289.7 Million, a Slight Increase from the Previous Year
Methode Electronics, Inc. (MEI), a global provider of custom-eng ineered solutions for user interfaces, sensor technologies, and power management, has released its unaudited financial results for the second quarter ended July 29, 2023. The company reported a net income of $0.9 million for the quarter, compared to $21.5 million for the same period in 2022. Additionally, Methode Electronics generated total net sales of $289.7 million in Q2 2023, marking a slight increase from the previous year's $282.4 million.
A Closer Look at Methode Electronics' Q2 2023 Performance
Net Income/ Loss
Methode Electronics' net income for the three months ended July 29, 2023, stood at $0.9 million. This represents a significant decrease compared to the same period in 2022 when the company reported a net income of $21.5 million. The decrease in net income can be attributed to several factors, including increased operating expenses and amortization of intangibles.
