$MEI (Methode Electronics, Inc.)

$MEI {{ '2016-06-23T17:43:00+0000' | timeago}} • Webcast

Chicago, Illinois-based $MEI said compared to last year, FY16 automotive sales fell 2.2% due to lower volume in the Ford Center Console program, lower Steering Angle Sensor product and transmission lead frame assembly volumes, as well as pricing concessions. Exchange rates negatively impacted automotive sales by 1.2% in FY16. GM was 27.8% in FY16.

$MEI {{ '2017-06-22T15:31:23+0000' | timeago}} • Webcast

$MEI said, if the acquisition of Procoplast is completed in 2Q18 as expected, it anticipates $17MM in revenue, which represents seven months of Procoplast revenue. $MEI revealed that it is paying eight times EBITDA multiple of Procoplast for the transaction, though the exact deal value was not disclosed.

$MEI {{ '2017-06-22T11:08:49+0000' | timeago}} • Announcement

$MEI entered into stock purchase agreement for acquisition of Procoplast s.a., an independent maker of automotive complex insert molded subassemblies. The acquisition is expected to complement European automotive business with high volume, highly automated injection production lines for automotive transmission and brake products.

$MEI {{ '2017-06-22T11:05:48+0000' | timeago}} • Announcement

$MEI expects FY18 sales of $807-827MM, pre-tax income of $114-127MM and EPS of $2.43-2.63. This considers the exit of Connectivity and AES, Automotive price reductions, no international grant money from a foreign government, and expected closing of the Procoplast acquisition.

$MEI {{ '2017-06-22T11:02:35+0000' | timeago}} • Announcement

$MEI's gross margin for 4Q17 fell to 25.1% from 28.6% last year. This was primarily as a result of the exit costs for Connectivity and AES, a provision for a customer warranty, unfavorable copper costs, unfavorable sales mix of data solutions products in the Interface segment and unfavorable sales mix in the Automotive segment.

$MEI {{ '2017-06-22T11:01:11+0000' | timeago}} • Announcement

$MEI reported a rise in 4Q17 earnings driven by lower income tax expenses. Net income rose to $23.1MM or $0.62 per share from $22.7MM or $0.61 per share last year. $MEI incurred expenses related to exit of two reporting units and related to activity from potential acquisition during the latest quarter. Net sales grew 3.2% to $219.7MM.

$MEI {{ '2017-03-02T12:34:22+0000' | timeago}} • Announcement

$MEI revised its FY17 guidance. The company anticipates sales to be  in the range of $810-820MM from $820-845MM. The company expects income from operations to be in the range of $115-120MM from $102-117MM and EPS to be in the range of $2.45-2.54 from $2.30-2.45.

$MEI {{ '2017-03-02T12:30:06+0000' | timeago}} • Announcement

$MEI reported 38% rise in its 3Q17 earnings, helped by higher sales in Automotive and Power Products segments and favourable currency impact on material and labor expense. Net income rose to $23.7MM, or $0.63 per share, compared to $17.2MM, or $0.45 per share in 3Q16. Net sales rose 6% YoY to $195.6MM.

$MEI {{ '2016-12-08T18:50:57+0000' | timeago}} • Webcast

$MEI commented that it saw additional interest in its 10 Gig product with shipments to two new customers in 2Q17. In 1H17, the company invested $9.5MM, while for FY17, $MEI expects capital investments to be between $18-22MM.

$MEI {{ '2016-12-08T13:48:14+0000' | timeago}} • Announcement

$MEI updated its FY17 guidance, with sales expected in the range of $820-845MM. However, the company believes full-year sales will likely be at the low end of this range. $MEI also maintained guidance for income from operations in the range of $102-117MM, but increased EPS to a range of $2.30-2.45 from $2.11-2.35.

$MEI {{ '2016-12-08T13:43:23+0000' | timeago}} • Announcement

Lithium ion battery systems and radio remotes maker $MEI reported higher 2Q17 profit, helped by higher sales across segments. The company's earnings for the quarter rose 17.45% to $24.9MM, or $0.66 per share from $21.2MM, or $0.54 per share a year ago. Revenue rose marginally by 0.43% to $209.3MM.

$F {{ '2016-09-01T15:44:57+0000' | timeago}} • Webcast

Christopher Van Horn of FBR asks if the $F wins were new wins and if the company expects other opportunities with that customer. $MEI said they were new wins and the company anticipates that it would have other opportunities with $F and others in that area.

$MEI {{ '2016-09-01T15:40:11+0000' | timeago}} • Webcast

$MEI said that in 1Q17 the company spent $4.2MM in CapEx and for FY17 the company expects CapEx to be between $19-22MM. For FY17, depreciation and amortization is expected to be between $23-25MM and EBITDA is expected to be in the range of 15-16% or between $126-141MM.

$MEI {{ '2016-09-01T15:27:23+0000' | timeago}} • Webcast

$MEI said the company saw an across the board decrease in its European revenues. On the guidance front, $MEI said it expects its FY17 operating margin in the range of 12.4-13.8%. The company added that it is lowering its anticipated revenue for the 10 Gig product for FY17 from $9MM to a range of $2-3MM.

$MEI {{ '2016-09-01T12:18:31+0000' | timeago}} • Announcement

$MEI said it maintained its fiscal 2017 guidance of sales in the range of $820-$845MM, income from operations in the range of $102-$117MM and earnings per share in the range of $2.11 to $2.35. Sales guidance considers pricing concessions and reductions of approx. $13.0MM on purchased displays negotiated by a customer, the company said.

$MEI {{ '2016-09-01T12:15:13+0000' | timeago}} • Announcement

$MEI, which makes electronics products like lithium ion battery systems and radio remotes, reported a lower 1Q17 profit, mainly hurt by lower sales across all segments. The company's 1Q17 earnings fell $2.3MM to $21.2MM, or $0.57 per share, from $23.5MM, or $0.60 per share a year ago. Revenue declined 6% to $191.9MM.

$MEI {{ '2016-07-22T14:49:52+0000' | timeago}} • Announcement

$MEI said it appointed John Hrudicka as its new CFO and VP of corporate finance effective July 25. He succeeds Douglas Koman, who is retiring as its CFO and VP of corporate finance. Koman has agreed to remain with $MEI through mid-September, and subsequently as a consultant, to support transition of responsibilities to Hrudicka.

$MEI {{ '2016-06-23T18:15:38+0000' | timeago}} • Webcast

$MEI said for FY17 it expects CapEx to be down slightly and be between $18-22MM. Depreciation and amortization expense for FY17 is expected to be between $23-25MM. The company added that EBITDA will remain in the 16% range and be between $126-141MM. FY17 free cash flow is estimated to be between $83-92MM.

$MEI {{ '2016-06-23T18:03:34+0000' | timeago}} • Webcast

$MEI said it was awarded two new torque sensor e-bike programs. The company now has 8 e-bike customers, which makes it one of the leading global e-bike torque sensor providers. For FY17, annual revenue from e-bike sensor business will be approx. $3MM, growing to approx. $11MM in FY18 and $23MM in FY19.

$MEI {{ '2016-06-23T18:00:22+0000' | timeago}} • Webcast

$MEI said it was awarded an extension of its T76 lead frame business through FY22, and the average annual revenue has been approx. $20MM. With Ford, $MEI was awarded a 6-year program for the audio console panel of the Integrated Center Stack for SUV beginning late in FY19 and a 5-year program for an integrated tailgate module for passenger car.

$MEI {{ '2016-06-23T17:55:34+0000' | timeago}} • Webcast

$MEI said during FY16 it purchased $62MM or nearly 2MM shares of its outstanding common stock at an average purchase price of $31.03 under the BoD authorized $100MM repurchase plan. The company added that there is $38MM of remaining availability under the plan, although the plan can be terminated or suspended at any time.

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