Earnings To Watch: Methode Electronics (MEI) Reports Q1 Results Tomorrow
Methode Electronics missed analysts' revenue expectations by 8.9% last quarter, reporting revenues of $239.9 million, down 7.6% year on year. It was a disappointing quarter for the company, with revenue guidance for next quarter missing analysts' expectations significantly and a significant miss of analysts' EBITDA estimates.
Is Methode Electronics a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Methode Electronics's revenue to decline 17.5% year on year to $228.8 million, a further deceleration from the 7.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.03 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Methode Electronics has missed Wall Street's revenue estimates four times over the last two years.
Looking at Methode Electronics's peers in the electrical equipment segment, some have already reported their Q1 results, giving us a hint as to what we can expect. FuelCell Energy delivered year-on-year revenue growth of 66.8%, beating analysts' expectations by 14.4%, and ChargePoint reported a revenue decline of 8.8%, falling short of estimates by 3.2%. FuelCell Energy traded up 43.5% following the results while ChargePoint was down 23.3%.
Read our full analysis of FuelCell Energy's results here and ChargePoint's results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 5% on average over the last month. Methode Electronics is up 19.7% during the same time and is heading into earnings with an average analyst price target of $10.50 (compared to the current share price of $10.26).
Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
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