Methode Electronics (NYSE:MEI) has reported an adjusted loss of 31 cents per share for the quarter ending July 31, falling short of last year’s earnings per share (EPS) of 2 cents.
The company’s loss aligned closely with analyst expectations, which forecasted a loss of 30 cents per share.
Wall Street estimates had ranged from a loss of 39 cents to 23 cents per share.
During the quarter, the company’s revenue dropped 10.8%, totaling $258.50 million, compared to the $264.65 million expected by analysts.
While Methode Electronics posted a reported EPS of 52 cents, its quarterly net loss came in at $18.3 million.
Following the earnings release, Methode Electronics' share price stood at $10.08, a little unchanged in early trading.