FLEXSTEEL INDUSTRIES Reports Fourth Quarter Earnings Results for Fiscal Year 2023
August 25, 2023
🌥️Earnings Overview
FLEXSTEEL INDUSTRIES ($NASDAQ:FLXS) reported a total revenue of USD 105.8 million for the fourth quarter of 2023 fiscal year, a decrease of 15.0% compared to the same period in the previous year. Net income for the quarter was USD 10.2 million, a major improvement from the -0.3 million reported in the prior year.
Price History
Shares of the company opened at $22.0 and closed at $23.6, representing a 9.7% rise from its prior closing price of $21.5. The company’s performance was attributed to strong demand for its products and services. The company attributed this improvement to its emphasis on cost-control and efficiency initiatives. The company’s stock rose by 9.7%, reflecting the market’s positive reaction to its results. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Flexsteel Industries. More…
| Total Revenues | Net Income | Net Margin |
| 393.69 | 14.78 | 3.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Flexsteel Industries. More…
| Operations | Investing | Financing |
| 22.99 | -4.45 | -17.36 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Flexsteel Industries. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 290.55 | 148.93 | 25.78 |
Key Ratios Snapshot
Some of the financial key ratios for Flexsteel Industries are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.4% | 3.1% | 2.7% |
| FCF Margin | ROE | ROA |
| 4.6% | 5.0% | 2.3% |
Analysis
GoodWhale conducted an extensive analysis of FLEXSTEEL INDUSTRIES‘ wellbeing. Our Star Chart revealed that FLEXSTEEL INDUSTRIES has a high health score of 7/10, particularly with regard to its cashflows and debt. This indicates that FLEXSTEEL INDUSTRIES is capable of paying off its debt and funding future operations. We classified FLEXSTEEL INDUSTRIES as a ‘cow’, a type of company that has a track record of paying out consistent and sustainable dividends. Given its strong asset, dividend and medium profitability score, investors interested in such a company may be attracted to FLEXSTEEL INDUSTRIES. It should be noted that while FLEXSTEEL INDUSTRIES scored weakly in terms of growth, it is still a viable investment option, as it can provide reliable returns. More…
Peers
Flexsteel Industries Inc is one of the leading furniture manufacturers in the world, and has been competing with other top industry players such as Hooker Furnishings Corp, Savimex Corp, and Shashwat Furnishing Solutions Ltd for market share and customer loyalty. These competitors are all vying for their share of the furniture market, providing customers with high-quality products, competitive prices, and innovative designs. Flexsteel Industries Inc has been able to stay ahead of the competition by consistently delivering quality products, offering value-added services, and capitalizing on new opportunities.
– Hooker Furnishings Corp ($NASDAQ:HOFT)
Hooker Furnishings Corp is a furniture manufacturer and retailer based in North Carolina. The company has a market capitalization of 202.73M as of 2022, reflecting the value of its outstanding common stock. The company’s Return on Equity (ROE) is 3.08%, which shows that it is making effective use of its shareholders’ equity in generating profits. Hooker Furnishings Corp produces a wide range of home furniture items, including bedroom furniture, dining room furniture, office furniture, and outdoor furniture. The company operates across the United States and Canada, with a network of retail stores, distributors, and e-commerce websites.
– Savimex Corp ($HOSE:SAV)
Shashwat Furnishing Solutions Ltd is a public limited company with a market capitalization of 80.39M as of 2022. The company specializes in providing innovative and high quality furnishing solutions for residential and commercial spaces. It offers a wide array of products such as curtains, upholstery, mattresses, cushions, rugs, and blinds, with an emphasis on quality, design, and affordability. The company’s market capitalization indicates that it has a considerable amount of financial strength and capital resources to fund its operations and expansion plans. With its strong presence in the Indian market and growing international presence, Shashwat Furnishing Solutions Ltd is well-positioned to capitalize on the growing demand for quality furnishing solutions.
Summary
FLEXSTEEL INDUSTRIES reported their fourth quarter earnings for the fiscal year of 2023 with total revenue of USD 105.8 million, which is a 15.0% decrease from the same period of last year. However, the net income increased significantly to USD 10.2 million from -0.3 million. This news caused the stock price to move up on the same day, making FLEXSTEEL INDUSTRIES a potentially attractive investment option. Investors should consider this company as it has shown positive signs such as increasing net income and decreasing total revenue.
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