LSI Industries Q4 Earnings Exceed Street Expectations
- LSI Industries, Inc. (NASDAQ: LYTS) reported fourth-quarter sales growth of 32% year-over-year to $127.47 million, beating the consensus of $109 million.
- Lighting Segment net sales $67.8 million (+29% Y/Y) and Display Solutions Segment net sales $60 million (+35%Y/Y).
- Adjusted EPS improved to $0.21 from $0.12 in 4Q21, beating the consensus of $0.13.
- The gross margin expanded by 185 bps to 25.5%.
- Adjusted operating income increased 74.6% to $8.12 million, and margin expanded by 160 bps to 6.4%.
- LSI Industries' net cash used operating activities for FY22 totaled $(3.7) million (-113% Y/Y), with a Free cash outflow of $(5.92) million.
- Adjusted EBITDA increased by 55.5% Y/Y to $10.6 million, and margin expanded by 130 bps to 8.3%.
- Dividend: LYTS declared a regular cash dividend of $0.05 per share, payable September 6, 2022, to shareholders of record on August 29, 2022.
- The company had $76 million in long-term debt, resulting in a ratio of net debt to pro forma trailing twelve months Adjusted EBITDA of 2.2x.
- "Looking ahead, our solid backlog, combined with the benefits of recent investments in sales, marketing, and new products, all serve to position LSI for sustained growth entering fiscal 2023 and beyond," commented CEO James A. Clark.
- Price Action: LYTS shares traded higher by 7.25% at $7.40 on the last check Thursday.
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