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LSI Industries (LYTS) Q4 Earnings Beat, Adjusted EBITDA Up Y/Y
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LSI Industries Inc. (LYTS - Free Report) reported impressive results for fourth-quarter fiscal 2023 (ended Jun 30, 2023), wherein earnings and net sales surpassed the Zacks Consensus Estimate.
On a year-over-year basis, earnings rose, but net sales declined due to tepid Display Solutions’ performance.
Delving Deeper
LYTS reported earnings of 28 cents per share, which topped the consensus estimate of 17 cents by 64.7%. The metric also increased 58% from the year-ago reported figure of 18 cents per share. Adjusted earnings of 30 cents increased by 41% year over year.
LSI Industries Inc. Price, Consensus and EPS Surprise
Net sales of $123.6 million beat the consensus mark of $119 million by 3.5% but decreased 3% from the prior-year quarter’s levels. Lighting Segment’s net sales of $71.4 million grew 5%, while Display Solutions’ net sales of $52.3 million fell 12% from the previous year.
Adjusted operating income increased by 45% to $11.7 million. Adjusted operating margin of 9.5% was up 310 basis points (bps) year over year. Adjusted EBITDA rose 33% to $14.1 million from a year ago. Adjusted EBITDA margin increased by 310 bps to 11.4%.
Financials
At fiscal 2023-end, LSI Industries had cash and cash equivalents of $1.8 million compared with $2.5 million at fiscal 2022-end. As of Jun 30, 2023, LSI had approximately $60 million in liquidity, including availability under its existing credit facility.
Long-term debt was $31.6 million, down from $76 million reported in the fiscal 2022-end. Net debt to adjusted EBITDA ratio was 0.65x versus 2.20x at fiscal 2022 end.
For fiscal 2023, cash provided by operating activities totaled $49.6 million versus $3.7 million in the prior-year period. Free cash flow was up to $46.4 million in fiscal 2023 versus negative $5.9 million in fiscal 2022.
Zacks Rank
LSI Industries currently carries a Zacks Rank #3 (Hold).
Recent Releases
Sterling Infrastructure, Inc. (STRL - Free Report) provides transportation, e-infrastructure and building solutions. The Zacks Consensus Estimate for STRL’s 2023 earnings has moved north to $4.09 per share from $3.52 in the past seven days.
STRL’s expected earnings growth rate for 2023 is 29.4% and it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fluor Corporation (FLR - Free Report) benefits from its diverse presence in various markets, which allows it to reduce the impact of market fluctuations. The company adopts a strategic approach by maintaining a well-balanced business portfolio, enabling it to prioritize stable markets while taking advantage of opportunities in cyclical markets when the timing is appropriate.
FLR presently sports a Zacks Rank #1. Its expected earnings growth rate for 2023 is 128.1%.
Willdan Group, Inc. (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
Willdan Group presently flaunts a Zacks Rank #1. WLDN’s expected earnings growth rate for 2023 is 50%. The Zacks Consensus Estimate for STRL’s 2023 earnings has moved north to $1.32 per share from $1.23 in the past 30 days.
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LSI Industries (LYTS) Q4 Earnings Beat, Adjusted EBITDA Up Y/Y
LSI Industries Inc. (LYTS - Free Report) reported impressive results for fourth-quarter fiscal 2023 (ended Jun 30, 2023), wherein earnings and net sales surpassed the Zacks Consensus Estimate.
On a year-over-year basis, earnings rose, but net sales declined due to tepid Display Solutions’ performance.
Delving Deeper
LYTS reported earnings of 28 cents per share, which topped the consensus estimate of 17 cents by 64.7%. The metric also increased 58% from the year-ago reported figure of 18 cents per share. Adjusted earnings of 30 cents increased by 41% year over year.
LSI Industries Inc. Price, Consensus and EPS Surprise
LSI Industries Inc. price-consensus-eps-surprise-chart | LSI Industries Inc. Quote
Net sales of $123.6 million beat the consensus mark of $119 million by 3.5% but decreased 3% from the prior-year quarter’s levels. Lighting Segment’s net sales of $71.4 million grew 5%, while Display Solutions’ net sales of $52.3 million fell 12% from the previous year.
Adjusted operating income increased by 45% to $11.7 million. Adjusted operating margin of 9.5% was up 310 basis points (bps) year over year. Adjusted EBITDA rose 33% to $14.1 million from a year ago. Adjusted EBITDA margin increased by 310 bps to 11.4%.
Financials
At fiscal 2023-end, LSI Industries had cash and cash equivalents of $1.8 million compared with $2.5 million at fiscal 2022-end. As of Jun 30, 2023, LSI had approximately $60 million in liquidity, including availability under its existing credit facility.
Long-term debt was $31.6 million, down from $76 million reported in the fiscal 2022-end. Net debt to adjusted EBITDA ratio was 0.65x versus 2.20x at fiscal 2022 end.
For fiscal 2023, cash provided by operating activities totaled $49.6 million versus $3.7 million in the prior-year period. Free cash flow was up to $46.4 million in fiscal 2023 versus negative $5.9 million in fiscal 2022.
Zacks Rank
LSI Industries currently carries a Zacks Rank #3 (Hold).
Recent Releases
Sterling Infrastructure, Inc. (STRL - Free Report) provides transportation, e-infrastructure and building solutions. The Zacks Consensus Estimate for STRL’s 2023 earnings has moved north to $4.09 per share from $3.52 in the past seven days.
STRL’s expected earnings growth rate for 2023 is 29.4% and it sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fluor Corporation (FLR - Free Report) benefits from its diverse presence in various markets, which allows it to reduce the impact of market fluctuations. The company adopts a strategic approach by maintaining a well-balanced business portfolio, enabling it to prioritize stable markets while taking advantage of opportunities in cyclical markets when the timing is appropriate.
FLR presently sports a Zacks Rank #1. Its expected earnings growth rate for 2023 is 128.1%.
Willdan Group, Inc. (WLDN - Free Report) is a nationwide provider of professional, technical and consulting services to utilities, government agencies and private industry.
Willdan Group presently flaunts a Zacks Rank #1. WLDN’s expected earnings growth rate for 2023 is 50%. The Zacks Consensus Estimate for STRL’s 2023 earnings has moved north to $1.32 per share from $1.23 in the past 30 days.