Methode Electronics GAAP EPS of $0.78 beats by $0.06, revenue of $291.6M beats by $9.98M

• Methode Electronics press release (NYSE:MEI): Q3 GAAP EPS of $0.78 beats by $0.06.
• Revenue of $291.6M (-1.3% Y/Y) beats by $9.98M.

• Fiscal 2022 Full Year Guidance: For the fiscal year 2022, the company increased its expectation for net sales to be in the range of $1,160 to $1,170 million vs consensus of $1.16B, up from the previous range of $1,140 to $1,160 million. The increase is mainly driven by the premium freight cost recovery in the second half of the fiscal year. This cost recovery is a pass-through to customers and does not impact earnings per share for the full year. Diluted earnings per share was narrowed to a range of $3.05 to $3.15 vs consensus of $3.51 from the previous range of $3.00 to $3.20.