You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Let's begin with the highlights on the Slide 4.
Our sales for the quarter were $296 million.
We had a significant headwind in our automotive segment, due to the ongoing supply chain disruptions, particularly the semiconductor shortage.
That shortage led to Auto OEM production slowdowns and some cases production shutdowns.
This in turn led directly to lower sales in our Automotive segment, especially in North America.
Helping to offset that auto headwind were near record sales in our Industrial segment.
There was strength in sales across all our industrial product categories, but in particular, we saw growth in electric vehicle busbars, commercial vehicle lighting and radio remote controls.
Respectively, these products are benefiting from the macro growth trends of electrification, e-commerce and automation.
The industrial sales in our portfolio relative our Automotive sales continue to grow.
As I mentioned, our team continuing to face supply chain challenges.
These include the ongoing semiconductor chip shortage, pandemic-related supply chain disruptions and port congestion, all of which are increasing costs and consequently negatively impacting margins.
Our team has worked diligently to mitigate these challenges, which in many cases require remedial actions such as expedited shipping and premium component pricing.
In addition, we are working relentlessly with our customers to share in the absorption of these costs.
The timing of these cost recoveries is not certain.
At this point, our expectation is that these conditions will last until the end of our fiscal year.
This extended period of demand recovery and margin pressure is a driver of our revised guidance for the full fiscal year.
The situation is fluid and our mitigation efforts are ongoing, but we are confident that we will continue to execute and meet our customers' requirements.
Ron will provide more detail on our guidance later in the call.
On the new order front, we were encouraged by the diversity of awards across key applications.
In addition to our traditional automotive market, we secured awards of cloud computing, commercial vehicle and EV applications.
Focusing on EV, last quarter, we reported that sales into EV applications were 16% of the consolidated sales.
This quarter, EV sales were again 16% of consolidated sales.
However, on a dollar basis, they were higher and in fact, we were a record for Methode.
Our expectation for that percentage for the full year continues to be in the mid-teens.
In the quarter, we further reduced debt, generated positive operating cash flow and continued to return capital to shareholders.
Our free cash flow was positive even though we invested in inventory to support our deliveries to customers and to help mitigate supply chain disruptions.
While our debt was down, we did have an increase in net debt as we utilized a portion of our available cash to execute a $35 million share buyback in the quarter.
We have now executed half of $100 million stock buyback authorization since it was announced last March.
Before I provide detail on our business awards, I want to provide some information on an existing program.
I can now share with you a little more detail on our largest truck center console program.
We expect a small portion of that sales from this program to start to roll off late this fiscal year, which was included in our original full-year guidance.
Then in fiscal 2023, we expect the bulk of the remaining truck program sales to roll off in the range of $90 million to $100 million.
The fiscal 2024 impact is negligible.
As I've mentioned in recent quarters, our business awards over the last couple of years have put us on track in aggregate to replace the sales from the roll off of this truck program.
Moving to Slide 5.
Methode had another solid quarter of business awards.
These awards continue to capitalize in key market trends like cloud computing and vehicle electrification.
The awards identified here represent some of the key business wins in the quarter and represent $25 million in annual sales at full production.
In non-EV automotive, we're awarded programs for lighting and user Interface applications.
In cloud computing, we saw demand for our power distribution products in data center applications.
In commercial vehicles where signs of an upcycle continue, we were awarded programs for exterior lighting solutions.
In EV, we want awards for switch, lighting and power distribution programs.
Overall, our business are delivering on our strategic priority to drive customer product and geographic diversity.
To conclude, despite the ongoing demand fluctuations and supply chain challenges, we are still in a position to deliver solid organic growth sales for fiscal 2022, while generating positive free cash flow.
Second quarter net sales were $295.5 million in fiscal year '22 compared to $300.8 million in fiscal year '21, a decrease of $5.3 million or 1.8%.
The year-over-year quarterly comparisons included a favorable foreign currency impact on sales of $2.8 million in the current quarter.
Sequentially, sales increased by $7.7 million or 2.7% from the first quarter of fiscal year '22.
The decrease in second quarter sales was mainly due to lower automotive sales, especially in North America as compared to the same period in fiscal '21, which benefited from the rebound from the depths of the impact of COVID-19 pandemic experience in our first quarter of fiscal year '21.
The sales decrease was partially offset by higher sales of electric hybrid vehicle products, which amounted to 16% of sales in the second quarter of fiscal 2022, which was in line with our previous communication at electric and hybrid vehicles sales would comprise a mid-teens percentage of our fiscal year '22 consolidated sales.
In addition, stronger commercial vehicle sales contributed to the robust industrial segment sales growth.
Second quarter net income decreased $11.1 million to $27.5 million or $0.72 per diluted share from $38.6 million or $1.01 per diluted share in the same period last year.
Net income was negatively impacted from decreased sales, the impact of higher materials and logistics costs and other operating costs in the efficiencies, due to the global supply chain shortages and logistics challenges, higher stock-based compensation cost, and lower other income, partially offset by lower restructuring costs and favorable foreign currency translation.
Second quarter gross margins were lower in fiscal year '22 as compared to fiscal year '21, mainly due to higher material and logistics costs, including freight and supply chain shortages and unfavorable product mix.
Fiscal year '22 second quarter margins were 23.4% as compared to 26.9% in the second quarter of fiscal year '21.
The negative impact of supply chain disruption and higher logistics costs, including freight on the second quarter fiscal year '22 gross margin was approximately 250 basis points.
Unfavorable product mix also impacted gross margins.
These higher costs that were experienced in the second quarter are expected to continue and further into fiscal year '22.
In addition, we had anticipated a degree of cost inflation in the remainder of the current fiscal year.
Fiscal year '22 second quarter selling and administrative expenses, as a percentage of sales, increased to 10.6% compared to 10.2% in the fiscal year '21 second quarter.
The minor fiscal year '22 second quarter percentage increase was achieved, but all to higher stock-based compensation, partially offset by lower professional fees and restructuring costs.
The second quarter of fiscal year '22 selling and administrative expenses percentage is in line with our historical norm, which should yield an efficient flow-through from gross margin to operating income.
In addition to the gross margin and selling and administrative items mentioned above, one other non-operational items significantly impacted net income in the second quarter of fiscal year '22 as compared to the comparable quarter last fiscal year.
Other income net was down by $1.7 million, mainly due to lower international government assistance between the comparable quarters and increased foreign exchange losses from remeasurement.
The effective tax rate in the second quarter of fiscal year '22 was 16.7% as compared to 16.5% in the second quarter of fiscal year '21.
The fiscal year '22 full-year estimate, which does not include any discrete items, is estimated to be between 17% and 18%, tightening the high end of the range down from 19% to 18%.
Shifting to EBITDA, a non-GAAP financial measure, fiscal year '22 second quarter EBITDA was $47.4 million versus $60.2 million in the same period last fiscal year.
EBITDA was negative negatively impacted by lower operating income and lower other income.
In the second quarter of fiscal year '22, we reduced gross debt by $12.3 million, and we ended the second quarter with $177.2 million in cash.
During the first six months of fiscal year '22, net debt a non-GAAP financial measure, increased by $39 million, mainly due to the share repurchases of $42.4 million and unfavorable working capital changes, especially related to inventory, which increased by nearly $26 million due to the supply chain-related challenges.
Regarding capital allocation on March 31, we announced a $100 million share repurchase program, which we executed nearly $35 million of purchases during the second quarter of fiscal year '22.
Since the authorization's approval, we purchased nearly 50 million worth of shares at an average price of $44.04.
Free cash flow, a non-GAAP financial measure as defined as net cash provided from operating activities, minus capex.
For the fiscal year '22 second quarter, free cash flow was $21.6 million compared to $36.7 million in the second quarter of fiscal year '21.
The decrease was mainly due to negative working capital changes, especially from the inventory items we discussed prior.
We experienced sequentially improved free cash flow in the second quarter of fiscal '22 as compared to the first quarter of fiscal '22.
We anticipate our proven history of generating reliable cash flows, which allows for ample funding of future organic growth, inorganic growth and continued return of capital to the shareholders.
In the second quarter of fiscal year '22, we invested approximately $5.4 million in capex as compared to $3.6 million in the second quarter of fiscal year '21.
The higher capex is in line with our expectation that capex in fiscal year '22 would be higher than the investment in the prior fiscal year.
We now estimate fiscal year '22 capex to be in the $45 million to $50 million range, which is lower than the prior estimates for the current fiscal year of $50 million to $55 million we provide earlier.
The decrease is simply the result of the timing of the cash outflows of approved projects as opposed to a concerted effort to slow or reduce the guidance of capital investment.
Investing for future organic growth and vertical integration remains a key priority from a capital allocation strategy perspective.
We do have a strong balance sheet, and we'll continue to utilize it by continuing investment in our businesses to grow them organically.
In addition, we continue to pursue opportunities for inorganic growth in a measured return of capital to the shareholders.
Regarding guidance, it is managed -- it is based on management's best estimates.
External events and the related potential impact on our financial results remain an ongoing challenge.
As Don mentioned in his remarks, we lowered our previously issued revenue and earnings per share guidance, largely due to the persistent headwinds from the ongoing negative impact of the chip shortage and logistics challenges.
As you recall in our September conference call, we noted that the persistent headwinds could call our performance to be below the midpoint of the ranges of our original guidance as a situation was fluid and would likely remain challenging.
These headwinds continue to adversely impact our second quarter results and will likely be with us for the remaining six months of our fiscal year.
The revenue range for full fiscal year '22 is between $1.14 billion and $1.16 billion, down from a range of $1.175 billion to $1.235 billion.
Diluted earnings per share range is now between $3 per share and $3.20 per share, down from $3.35 to $3.75 per share.
The range is due from the uncertainty from the supply chain disruption for semiconductors and other materials on both Methode and as customers.
From a sales perspective, lower sales could result from a supply disruptions to us or our customers, which could result in lesser demand for our products or our ability to meet customer demand.
Continued supply chain disruption would also negatively impact gross margins, due to additional costs incurred from premium freight, factory inefficiencies and a lesser extent, other logistic factors such as port congestion.
Higher costs for materials, freight and labor are a constant and a dynamic battle, and we remain uncertain as to when things will stabilize.
Don, that concludes my comments.
Matt, we are ready to take questions.

user
q2 earnings per share $0.72.
q2 sales $295.5 million.
sees fy earnings per share $3.00 to $3.20.
sees fy sales $1.14 billion to $1.16 billion.

assistant