By Katherine Hamilton
Methode Electronics' shares are down after the company's outlook fell short of expectations without taking the effects of tariffs into account.
The stock dropped 28% to $7.04 on Thursday morning, at one point touching a 52-week low of $7. It has lost about half its value over the past 12 months.
The electronics manufacturer posted a lower-than-expected outlook for its fourth quarter. It expects fourth-quarter revenue to be $240 million to $255 million, behind the $292.7 million forecasted by analysts, according to FactSet.
The guidance doesn't include any effect from tariffs and is subject to change due to the new duties implemented earlier this week, Methode said.
Methode said its loss widened to $14.4 million, or 41 cents a share, for the third quarter ended Feb. 1, compared with a loss of $11.6 million, or 33 cents a share, in the prior-year period.
Revenue fell 8% to $239.9 million, behind the $263.4 million expected by analysts, according to FactSet.
Methode, which makes products for the auto industry, said the car market was weak over the past quarter as new electric vehicle programs slowed.
The company is also rebuilding its executive team, which now has five new members, Chief Executive Jon DeGaynor said. On Wednesday, Methode appointed Brad Corrodi as chief strategy officer.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 06, 2025 11:03 ET (16:03 GMT)
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