FLEXSTEEL INDUSTRIES Reports FY2023 Q4 Earnings Results for Period Ending June 30 2023
August 30, 2023
🌥️Earnings Overview
On August 21 2023, FLEXSTEEL INDUSTRIES ($NASDAQ:FLXS) released their FY2023 Q4 earnings results, showing that for the period ending June 30 2023, total revenue had decreased by 15.0% year-on-year to USD 105.8 million. Net income, however, rose from -0.3 million in the preceding year to a more positive USD 10.2 million.
Share Price
The company’s stock opened at $22.0 and closed at $23.6, resulting in a 9.7% increase from the previous closing price of $21.5. This increase in stock price reflects the positive outlook that investors have on FLEXSTEEL INDUSTRIES for the upcoming year. The results released showed that FLEXSTEEL INDUSTRIES continues to grow and perform well despite the challenging economic climate. These results demonstrate that FLEXSTEEL INDUSTRIES is able to remain profitable even in difficult times.
The positive stock performance signals that investors remain optimistic about the company’s future prospects. With its strong revenue and profit performance as well as its ability to stay profitable despite economic uncertainty, FLEXSTEEL INDUSTRIES is well-positioned for success going forward. 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
At GoodWhale we recently conducted an analysis of FLEXSTEEL INDUSTRIES‘s wellbeing and according to our Star Chart classification for companies, FLEXSTEEL INDUSTRIES is classified as an ‘elephant’, a type of company that is rich in assets after deducting off liabilities. This means that FLEXSTEEL INDUSTRIES may be of interest to value investors, who are typically looking for companies with strong asset bases. Our analysis also revealed that FLEXSTEEL INDUSTRIES is strong in terms of asset, medium in terms of profitability, and weak in terms of dividend and growth. Despite this, FLEXSTEEL INDUSTRIES has a high health score of 7/10 considering its cashflows and debt, indicating that it is capable of paying off its debt and funding future operations. 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
Investors may be encouraged by the improved financial performance of Flexsteel Industries. The company reported total revenue of USD 105.8 million for Q4 FY2023, a 15.0% decrease from the same period one year prior.
However, net income improved drastically to USD 10.2 million, a remarkable increase from the loss of -0.3 million reported one year ago. Despite the decreased revenue, investors responded positively to the earnings report and drove the stock price up on the same day. Overall, the company appears to be on a strong financial footing that could bode well for future performance.
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