v3.26.1
Segment Information
 3 Months Ended
Aug. 01, 2026
Segment Reporting [Abstract]  
Segment Information

Note 12. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses, and about which separate financial information is regularly evaluated by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources. The CODM is the Company’s President and Chief Executive Officer (“CEO”).

The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile OEMs and their tiered suppliers across a broad range of vehicle platforms and powertrains. Products include a full spectrum of vehicle systems from power distribution solutions, including busbars, smart connect systems, battery disconnect units, and integrated circuit boards, to user interface components, specialized LED lighting solutions, and advanced sensor applications.

The Industrial segment manufactures exterior and interior lighting solutions, industrial safety radio remote controls, braided flexible cables, current-carrying laminated busbars and devices, custom power-product assemblies, such as our PowerRail® solution, high-current high-voltage flexible power cabling systems, and powder-coated busbars that are used in various markets and applications, including aerospace, commercial vehicles, data centers, industrial equipment, power conversion, military, telecommunications and transportation.

The Interface segment provides a variety of high-speed digital communication over copper media solutions for the data networking and broadband markets, and user interface panel solutions for the appliance market. Solutions include copper transceivers, distribution point units, and solid-state field-effect consumer touch panels. In the fourth quarter of fiscal 2026, the Company sold its dataMate business which was included in the Interface segment. Additionally, the consumer appliance business is winding down as programs roll-off.

Corporate and intersegment eliminations do not meet the requirements for being classified as an operating segment. Corporate costs include various support functions, such as accounting/finance, executive administration, human resources, information technology and legal.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The CODM allocates resources to and evaluates the performance of each operating segment based on operating income. Operating income or loss is used to monitor budget versus actual results and year-over-year actual results to inform the decisions of how to allocate capital and resources within the Company. Transfers between segments are recorded using internal transfer prices set by the Company. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance.

The tables below present information about the Company’s reportable segments:

 

 

Three Months Ended August 1, 2026 (13 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Eliminations/
Corporate

 

 

Consolidated

 

Net sales

 

$

110.2

 

 

$

182.9

 

 

$

2.9

 

 

$

(30.6

)

 

$

265.4

 

Transfers between segments

 

 

(4.5

)

 

 

(26.1

)

 

 

—

 

 

 

30.6

 

 

 

—

 

Net sales to unaffiliated customers

 

 

105.7

 

 

 

156.8

 

 

 

2.9

 

 

 

—

 

 

 

265.4

 

Cost of products sold

 

 

103.7

 

 

 

110.9

 

 

 

3.6

 

 

 

(0.5

)

 

 

217.7

 

Selling and administrative expenses

 

 

11.8

 

 

 

10.5

 

 

 

0.1

 

 

 

23.5

 

 

 

45.9

 

Amortization of intangibles

 

 

1.9

 

 

 

3.8

 

 

 

—

 

 

 

—

 

 

 

5.7

 

Income (loss) from operations

 

$

(11.7

)

 

$

31.6

 

 

$

(0.8

)

 

$

(23.0

)

 

 

(3.9

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.2

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.8

)

Pre-tax income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(7.3

)

 

 

 

Three Months Ended August 2, 2025 (13 Weeks)

 

(in millions)

 

Automotive

 

 

Industrial

 

 

Interface

 

 

Eliminations/ Corporate

 

 

Consolidated

 

Net sales

 

$

110.9

 

 

$

133.5

 

 

$

10.9

 

 

$

(14.8

)

 

$

240.5

 

Transfers between segments

 

 

(4.8

)

 

 

(10.0

)

 

 

—

 

 

 

14.8

 

 

 

—

 

Net sales to unaffiliated customers

 

 

106.1

 

 

 

123.5

 

 

 

10.9

 

 

 

—

 

 

 

240.5

 

Cost of products sold

 

 

106.0

 

 

 

83.8

 

 

 

7.5

 

 

 

(0.3

)

 

 

197.0

 

Selling and administrative expenses

 

 

10.6

 

 

 

9.4

 

 

 

0.4

 

 

 

16.2

 

 

 

36.6

 

Amortization of intangibles

 

 

2.0

 

 

 

3.8

 

 

 

—

 

 

 

—

 

 

 

5.8

 

Income (loss) from operations

 

$

(12.5

)

 

$

26.5

 

 

$

3.0

 

 

$

(15.9

)

 

 

1.1

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.9

 

Other expense (income), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.3

 

Pre-tax income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(6.1

)