Flexsteel Industries, Inc. Reports Strong Fiscal Third Quarter 2024 Results: 8% Sales Growth, Improved Operating Margin, Continued Debt Reduction Dubuque, Iowa – April 29, 2024 – Flexsteel Industries, Inc. (NASDAQ: FLXS) ("Flexsteel" or the "Company"), one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, today reported third quarter fiscal 2024 results. Key Results for the Third Quarter Ended March 31, 2024 GAAP to non-GAAP reconciliations follow ...

Flexsteel Industries (FLXS) shares rallied 6.8% in the last trading session to close at $41.31. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.3% gain over the past four weeks.Flexsteel's rally is buoyed by optimism regarding the company's marketing efforts and strategies to generate demand alongside a robust portfolio of modern products offered at competitive price points. Moreover, the expansion of sales ...

DUBUQUE, Iowa--(BUSINESS WIRE)--Flexsteel Industries, Inc. (NASDAQ:FLXS), announced its Board of Directors declared a quarterly dividend of $0.15 per share, payable April 4, 2024, to shareholders of record as of March 26, 2024. Flexsteel has paid cash dividends on its common stock each year since 1938. This is the 329th consecutive quarterly cash dividend. About Flexsteel Flexsteel Industries, Inc., and Subsidiaries (the “Company”) is one of the largest manufacturers, importers, and marketers of resident ...

The Consumer Discretionary group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Flexsteel Industries (FLXS) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.Flexsteel Industries is a member of the Consumer Discretionary sector. This group includes 292 individual stocks and cu ...

Financial Data and Key Metrics Changes - The company reported net sales of $100.1 million for the second quarter, slightly above the guidance of $94 million to $100 million [50] - Year-over-year sales growth was 7.5%, with a robust 11.7% growth when excluding the impact of eliminated ocean freight surcharges [25][50] - Operating income increased to $4.6 million, representing 4.6% of sales, exceeding the operating guidance range of 2% to 4% [50] - Gross margin expanded to 21.9% compared to 17% in the prior year quarter [50] Business Line Data and Key Metrics Changes - The core business continues to perform well, with significant sales growth driven by unit volume and product mix [26] - The company is focusing on expanding its product offerings to younger consumers and new product categories, such as the Zecliner sleep chair [29][14] Market Data and Key Metrics Changes - The company is experiencing challenges from macroeconomic factors and shifts in consumer spending, yet it remains focused on strategic initiatives to gain market share [23][54] - The closure of the Dublin facility is expected to result in annualized savings of $4 million to $4.5 million, which will help improve profitability [32] Company Strategy and Development Direction - The company aims to continuously improve customer experience and expand its market presence through new product launches and partnerships with strong distribution channels [13][16] - Future growth initiatives include targeting younger consumer segments and expanding sales distribution beyond independent furniture retailers [14][16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about maintaining profitable growth despite near-term challenges, with expectations for continued sales growth in the second half of fiscal 2024 [24][53] - The company anticipates a gross margin range of 21% to 22% for the third quarter, with ongoing cost savings initiatives expected to support margin improvement [54] Other Important Information - The company plans to incur restructuring costs between $2.0 million and $2.5 million related to the Dublin facility closure, expected to be primarily in the third and fourth quarters of fiscal 2024 [55] - The effective tax rate for fiscal 2024 is projected to be between 30% and 32% [63] Q&A Session Summary Question: Can you discuss the quality of orders and new business? - Management indicated that most growth is coming from existing strategic accounts, with ongoing efforts to deepen placements [58] Question: What are the drivers behind gross margin improvement? - Management highlighted cost savings, new product introductions, volume leverage, and strategic promotional activities as key drivers of gross margin improvement [75][78] Question: What is the outlook for fiscal 2025 regarding debt and cash allocation? - Management confirmed plans to reduce debt to zero by the end of fiscal 2024 and indicated potential for value-enhancing acquisitions in the future [96][97]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 ______________________________________ FORM 10-Q ______________________________________ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2023 or Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 0-5151 ______________________________________ FLEXSTEEL INDUSTRIE ...

Flexsteel Industries (FLXS) came out with quarterly earnings of $0.57 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this furniture maker would post earnings of $0.24 per share when it actually produced earnings of $0.14, delivering a surprise of -41.67%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Flexsteel, which ...

DUBUQUE, Iowa--(BUSINESS WIRE)--Flexsteel Industries, Inc. (NASDAQ: FLXS) (“Flexsteel” or the “Company”), one of the largest manufacturers, importers, and marketers of residential furniture products in the United States, today reported second quarter fiscal 2024 results and announced actions to optimize its North American manufacturing network. Key Results for the Second Quarter Ended December 31, 2023 Healthy sales growth of 7.5%. Net sales for the quarter of $100.1 million compared to $93.1 million in ...

Flexsteel Industries (FLXS) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...

Flexsteel Industries, Inc. (NASDAQ:FLXS) Q3 2023 Earnings Conference Call May 2, 2023 9:00 AM ET Company Participants Jerry Dittmer – President and Chief Executive Officer Alejandro Huerta – Chief Financial Officer, Treasurer and Secretary Derek Schmidt – Chief Operating Officer Conference Call Participants Anthony Lebiedzinski – Sidoti & Co Operator Good morning and welcome to the Flexsteel Industries Third Quarter Fiscal Year 2023 Earnings Conference Call. All participants will be in a listen-only mode. [ ...