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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Custom-engineered solutions provider Methode Electronics Inc (NYSE:MEI) reported the first-quarter FY22 net sales growth of 50.8% year-on-year to $287.8 million, beating the analyst consensus of $281.5 million.
- The ease in the pandemic and higher sales of electric and hybrid vehicle products drove the numbers.
- Segments and margins: The Automotive segment's net sales rose 56.5% Y/Y to $195.8 million. The operating margin expanded 170 bps to 13.9%.
- The Industrial segment net sales grew 51% Y/Y to $78.5 million. The operating margin expanded by 1,220 bps to 25.7%.
- The Interface segment net sales declined 5.2% Y/Y to $12.7 million. The operating margin remained flattish at 8.7%.
- The aggregate operating margin expanded 460 bps to 11.8%, aided by higher sales volume and lower costs.
- EPS of $0.76 beat the consensus of $0.74.
- Methode Electronic held $207.9 million in cash and equivalents and generated $9.7 million in operating cash flow.
- Outlook: Methode Electronic reaffirmed the FY22 outlook between $1.175 billion - $1.235 billion against the consensus of $1.21 billion.
- The EPS outlook lies between $3.35 - $3.75 versus the consensus of $3.57.
- Price Action: MEI shares are trading lower by 8.10% at $42.67 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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