Flexsteel Industries公司报告2025财年第一季度业绩强劲 f2025财年第一季度业绩强劲，销售增长10％，并持续营业利润率扩张
爱荷华州迪比克 – 2024年10月21日 – flexsteel industries公司（纳斯达克代码：FLXS）（“Flexsteel”或“公司”），美国最大的居家家具制造商、进口商和营销商之一，今日报告了2025财年第一季度的业绩。
首个季度截至2024年9月30日的关键结果 first Quarter Ended September 30, 2024
管理层评论
“我们对第一季度的业绩和持续强劲的执行非常满意，” flexsteel industries的总裁兼首席执行官Derek Schmidt表示。“尽管由于挑战性宏观经济条件，行业需求仍然疲软，但我们继续积累增长动力，在本季度实现了10%的销售增长，这代表我们连续第四个季度实现了中等到低两位数年增长。我们卓越的增长表现得益于我们在核心市场的份额增长，以及在扩展市场上多样化的新增长，这是由于我们积极投资于新产品开发、创新、客户体验和营销所带来的结果。”
施密特先生继续说：“除了我们的收入增长取得成功之外，组织仍然坚定不移地推动盈利能力的实质性提高。营业利润率在本季度为5.8%，较上一年同期的2.0%有所上升，并代表我们第五个连续季度实现了同比调整后的营业利润率提高。推动我们持续盈利改善的杠杆是不变的，并且效果显著：销售增长的杠杆效应、强有力的运营执行力和生产力，以及产品组合管理。凭借充足的制造和分销能力支持持续的激进盈利增长，公司的盈利增长潜力仍然引人注目。”
施密特先生总结道，“我为我们团队在2025财年的强劲开局感到骄傲，我对我们的发展轨迹和持续盈利增长前景感到鼓舞。我们的战略正在发挥作用，取得了健康的成果。鉴于
鉴于我们对强劲执行的信恳智能，我们提高了2025财年销售和营业利润预测范围的中点。我们具有财务实力，并将保持卓越，同时在为未来增长投资方面保持财务纪律，以保持我们强劲的势头。行业需求状况预计在短期内仍将面临挑战，但我对我们团队交付卓越价值、继续提高市场份额并在财年剩余时间内实现强劲收益增长的能力充满信心。
的经营业绩 f截至2024年9月30日的第一季度
第一季度净销售额为10400万美元，相比前一年同期的净销售额为9460万美元，增长940万美元，增幅达到9.9%。增长主要来自零售店铺销售的家居产品达1100万美元，增长13.3%，主要受单位成交量和产品组合的推动。与去年同期相比，通过电子商务渠道销售的产品减少了160万美元，下降了13.3%。
2024年9月30日结束的季度毛利率为21.5%，而去年同期为19.5%，增加了200个基点（“bps”）。主要推动这200个基点增长的原因包括销售杠杆、供应链成本节约以及产品组合管理。
与上一财年同期相比，2025财年第一季度销售总成本（SG&A）占净销售额的15.7%，低于上一财年同期的17.4%。这主要是由于较高的销售额和结构性成本节省带来的杠杆效应，部分抵消了对增长计划的投资。
2024年9月30日结束的本季度营业收入为600万美元，而去年同期为190万美元。
公司在第一季度报告的所得税费用为190万美元，税率为31%，相较于去年同期的60万美元税费，税率为44.2%。本季度的有效税率主要受不可抵扣的外国费用、州税和国外业务的影响。与去年同期相比，有效税率的降低主要源于较低的预期不可抵扣补偿费用、预期的研发税收抵免以及较高的利润抵消了不可抵扣费用的影响。
公司报告2024年9月30日结束的季度净利润为410万美元，每股稀释后收益为0.74美元，而去年同期的净利润为80万美元，每股稀释后收益为0.14美元。
流动性
公司季末现金余额为570万美元，信贷额度余额为360万美元，运营资金（流动资产减流动负债）为9830万美元，在其保障信贷额度下约为5490万美元。
2024年9月30日结束的季度资本支出为40万美元。
财务展望
对于全年财政2025年，公司正在将先前披露的预期销售增长区间从2%至6%提高至3.5%至6.5%，并将营业利润率的区间从5.5%至6.5%调整为5.8%至6.5%。
|
第二季度 订阅和支持收入范围为1.77亿至1.8亿美元，中点增长率为10％，相对于2024财政年度； |
财年 2025 |
销售 |
10300 - 10700万美元 |
42700 - 44000万美元 |
销售增长（同比） |
3%至7%。 |
3.5%至6.5% |
GAAP营业利润率 |
5.5%至6.5% |
5.8%至6.5% |
自由现金流(1) |
$5至1000万 |
$20至3000万美元 |
授信额度借款 |
$0 |
$0 |
(1) 自由现金流是指经营活动提供的净现金流量减去资本支出
电话会议和网络直播
公司将于2024年10月22日星期二上午8:00举行电话会议和分析师与投资者音频网络直播，讨论业绩并回答问题。
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 |
|