Flexsteel Industries公司報告2025財年第一季度業績強勁 f2025財年第一季度業績強勁，銷售增長10％，並持續營業利潤率擴張
愛荷華州迪比克 – 2024年10月21日 – flexsteel industries公司（納斯達克代碼：FLXS）（「Flexsteel」或「公司」），美國最大的居家傢俱製造商、進口商和營銷商之一，今日報告了2025財年第一季度的業績。
首個季度截至2024年9月30日的關鍵結果 first Quarter Ended September 30, 2024
管理層評論
「我們對第一季度的業績和持續強勁的執行非常滿意，」 flexsteel industries的總裁兼首席執行官Derek Schmidt表示。「儘管由於挑戰性宏觀經濟條件，行業需求仍然疲軟，但我們繼續積累增長動力，在本季度實現了10%的銷售增長，這代表我們連續第四個季度實現了中等到低兩位數年增長。我們卓越的增長表現得益於我們在覈心市場的份額增長，以及在擴展市場上多樣化的新增長，這是由於我們積極投資於新產品開發、創新、客戶體驗和營銷所帶來的結果。」
施密特先生繼續說：「除了我們的收入增長取得成功之外，組織仍然堅定不移地推動盈利能力的實質性提高。營業利潤率在本季度爲5.8%，較上一年同期的2.0%有所上升，並代表我們第五個連續季度實現了同比調整後的營業利潤率提高。推動我們持續盈利改善的槓桿是不變的，並且效果顯著：銷售增長的槓桿效應、強有力的運營執行力和生產力，以及產品組合管理。憑藉充足的製造和分銷能力支持持續的激進盈利增長，公司的盈利增長潛力仍然引人注目。」
施密特先生總結道，“我爲我們團隊在2025財年的強勁開局感到驕傲，我對我們的發展軌跡和持續盈利增長前景感到鼓舞。我們的戰略正在發揮作用，取得了健康的成果。鑑於
鑑於我們對強勁執行的信懇智能，我們提高了2025財年銷售和營業利潤預測範圍的中點。我們具有財務實力，並將保持卓越，同時在爲未來增長投資方面保持財務紀律，以保持我們強勁的勢頭。行業需求狀況預計在短期內仍將面臨挑戰，但我對我們團隊交付卓越價值、繼續提高市場份額並在財年剩餘時間內實現強勁收益增長的能力充滿信心。
的經營業績 f截至2024年9月30日的第一季度
第一季度淨銷售額爲10400萬美元，相比前一年同期的淨銷售額爲9460萬美元，增長940萬美元，增幅達到9.9%。增長主要來自零售店鋪銷售的家居產品達1100萬美元，增長13.3%，主要受單位成交量和產品組合的推動。與去年同期相比，通過電子商務渠道銷售的產品減少了160萬美元，下降了13.3%。
2024年9月30日結束的季度毛利率爲21.5%，而去年同期爲19.5%，增加了200個點子（「bps」）。主要推動這200個點子增長的原因包括銷售槓桿、供應鏈成本節約以及產品組合管理。
與上一財年同期相比，2025財年第一季度銷售總成本（SG&A）佔淨銷售額的15.7%，低於上一財年同期的17.4%。這主要是由於較高的銷售額和結構性成本節省帶來的槓桿效應，部分抵消了對增長計劃的投資。
2024年9月30日結束的本季度營業收入爲600萬美元，而去年同期爲190萬美元。
公司在第一季度報告的所得稅費用爲190萬美元，稅率爲31%，相較於去年同期的60萬美元稅費，稅率爲44.2%。本季度的有效稅率主要受不可抵扣的外國費用、州稅和國外業務的影響。與去年同期相比，有效稅率的降低主要源於較低的預期不可抵扣補償費用、預期的研發稅收抵免以及較高的利潤抵消了不可抵扣費用的影響。
公司報告2024年9月30日結束的季度淨利潤爲410萬美元，每股稀釋後收益爲0.74美元，而去年同期的淨利潤爲80萬美元，每股稀釋後收益爲0.14美元。
流動性
公司季末現金餘額爲570萬美元，信貸額度餘額爲360萬美元，運營資金（流動資產減流動負債）爲9830萬美元，在其保障信貸額度下約爲5490萬美元。
2024年9月30日結束的季度資本支出爲40萬美元。
財務展望
對於全年財政2025年，公司正在將先前披露的預期銷售增長區間從2%至6%提高至3.5%至6.5%，並將營業利潤率的區間從5.5%至6.5%調整爲5.8%至6.5%。
|
第二季度 訂閱和支持收入範圍爲1.77億至1.8億美元，中點增長率爲10％，相對於2024財政年度； |
財年 2025 |
銷售 |
10300 - 10700萬美元 |
42700 - 44000萬美元 |
銷售增長（同比） |
3%至7%。 |
3.5%至6.5% |
GAAP營業利潤率 |
5.5%至6.5% |
5.8%至6.5% |
自由現金流(1) |
$5至1000萬 |
$20至3000萬美元 |
授信額度借款 |
$0 |
$0 |
(1) 自由現金流是指經營活動提供的淨現金流量減去資本支出
電話會議和網絡直播
公司將於2024年10月22日星期二上午8:00舉行電話會議和分析師與投資者音頻網絡直播，討論業績並回答問題。
To pre-register for the earnings conference call and avoid the need to wait for a live operator, investors can visit https://dpregister.com/sreg/10193259/fda62ddad4 and enter their contact information. Investors will then be issued a personalized phone number and pin to dial into the live conference call.
About Flexsteel
Flexsteel Industries, Inc., and Subsidiaries (the “Company”) is one of the largest manufacturers, importers, and marketers of residential furniture products in the United States. Product offerings include a wide variety of furniture such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture. A featured component in most of the upholstered furniture is a unique steel drop-in seat spring from which the name “Flexsteel” is derived. The Company distributes its products throughout the United States through its e-commerce channel and direct sales force.
Forward-Looking Statements
Statements, including those in this release, which are not historical or current facts, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause our results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risk and uncertainty. Some of the factors that could affect results are the cyclical nature of the furniture industry, supply chain disruptions, litigation, the effectiveness of new product introductions and distribution channels, the
product mix of sales, pricing pressures, the cost of raw materials and fuel, changes in foreign currency values, retention and recruitment of key employees, actions by governments including laws, regulations, taxes and tariffs, the amount of sales generated and the profit margins thereon, competition (both U.S. and foreign), credit exposure with customers, participation in multi-employer pension plans, disruptions or security breaches to business information systems, the impact of any future pandemic, and general economic conditions. For further information regarding these risks and uncertainties, see the “Risk Factors” section in Item 1A of our most recent Annual Report on Form 10-K.
For more information, visit our website at http://www.flexsteel.com.
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
|
|
September 30, |
|
|
June 30, |
|
||
|
|
2024 |
|
|
2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
5,740 |
|
|
$ |
4,761 |
|
Trade receivables, net |
|
|
39,481 |
|
|
|
44,238 |
|
Inventories |
|
|
95,897 |
|
|
|
96,577 |
|
Other |
|
|
8,787 |
|
|
|
8,098 |
|
Assets held for sale |
|
|
1,707 |
|
|
|
1,707 |
|
Total current assets |
|
|
151,612 |
|
|
|
155,381 |
|
|
|
|
|
|
|
|
||
NONCURRENT ASSETS: |
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
36,175 |
|
|
|
36,709 |
|
Operating lease right-of-use assets |
|
|
59,462 |
|
|
|
61,439 |
|
Other assets |
|
|
21,475 |
|
|
|
20,933 |
|
|
|
|
|
|
|
|
||
TOTAL ASSETS |
|
$ |
268,724 |
|
|
$ |
274,462 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
|
|
||
Accounts payable - trade |
|
$ |
24,852 |
|
|
$ |
25,830 |
|
Accrued liabilities |
|
|
28,482 |
|
|
|
34,576 |
|
Total current liabilities |
|
|
53,334 |
|
|
|
60,406 |
|
|
|
|
|
|
|
|
||
LONG-TERM LIABILITIES |
|
|
|
|
|
|
||
Line of credit |
|
|
3,581 |
|
|
|
4,822 |
|
Other liabilities |
|
|
57,106 |
|
|
|
58,867 |
|
Total liabilities |
|
|
114,021 |
|
|
|
124,095 |
|
|
|
|
|
|
|
|
||
SHAREHOLDERS' EQUITY |
|
|
154,703 |
|
|
|
150,367 |
|
|
|
|
|
|
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
268,724 |
|
|
$ |
274,462 |
|
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
(in thousands, except per share data)
|
|
Three Months Ended |
|
|||||
|
|
September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Net sales |
|
$ |
104,007 |
|
|
$ |
94,603 |
|
Cost of goods sold |
|
|
81,639 |
|
|
|
76,193 |
|
Gross profit |
|
|
22,367 |
|
|
|
18,410 |
|
Selling, general and administrative expenses |
|
|
16,320 |
|
|
|
16,492 |
|
Operating income |
|
|
6,047 |
|
|
|
1,918 |
|
Interest expense |
|
|
51 |
|
|
|
570 |
|
Income before income taxes |
|
|
5,996 |
|
|
|
1,348 |
|
Income tax provision |
|
|
1,856 |
|
|
|
596 |
|
Net income and comprehensive income |
|
$ |
4,140 |
|
|
$ |
752 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
|
5,203 |
|
|
|
5,182 |
|
Diluted |
|
|
5,576 |
|
|
|
5,375 |
|
Earnings per share of common stock: |
|
|
|
|
|
|
||
Basic |
|
$ |
0.80 |
|
|
$ |
0.15 |
|
Diluted |
|
$ |
0.74 |
|
|
$ |
0.14 |
|
FLEXSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
|
|
Three Months Ended |
|
|||||
|
|
September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
4,140 |
|
|
$ |
752 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
929 |
|
|
|
940 |
|
Deferred income taxes |
|
|
22 |
|
|
|
94 |
|
Stock-based compensation expense |
|
|
1,138 |
|
|
|
911 |
|
Change in provision for losses on accounts receivable |
|
|
(40 |
) |
|
|
(70 |
) |
Loss on disposal of assets |
|
|
10 |
|
|
|
34 |
|
Changes in operating assets and liabilities |
|
|
(3,801 |
) |
|
|
(4,442 |
) |
Net cash provided by (used in) operating activities |
|
|
2,398 |
|
|
|
(1,781 |
) |
INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from sales of investments |
|
|
1,155 |
|
|
|
— |
|
Capital expenditures |
|
|
(427 |
) |
|
|
(1,355 |
) |
Net cash provided by (used in) investing activities |
|
|
728 |
|
|
|
(1,355 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Dividends paid |
|
|
(874 |
) |
|
|
(879 |
) |
Treasury stock purchases |
|
|
— |
|
|
|
(455 |
) |
Proceeds from line of credit |
|
|
102,851 |
|
|
|
101,365 |
|
Payments on line of credit |
|
|
(104,092 |
) |
|
|
(96,640 |
) |
Shares withheld for tax payments on vested shares and options exercised |
|
|
(32 |
) |
|
|
(647 |
) |
Net cash (used in) provided by financing activities |
|
|
(2,147 |
) |
|
|
2,744 |
|
Increase (decrease) in cash and cash equivalents |
|
|
979 |
|
|
|
(392 |
) |
Cash and cash equivalents at beginning of the period |
|
|
4,761 |
|
|
|
3,365 |
|
Cash and cash equivalents at end of the period |
|
$ |
5,740 |
|
|
$ |
2,973 |
|
INVESTOR CONTACT:
|
|
Michael Ressler, Flexsteel Industries, Inc. |
|
563-585-8116 |
|
investors@flexsteel.com |
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