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LSI Industries (LYTS) Q4 Earnings & Net Sales Top Estimates
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LSI Industries Inc. (LYTS - Free Report) reported better-than-expected results in fourth-quarter fiscal 2024 (ended Jun 30), with earnings and net sales surpassing the Zacks Consensus Estimate. The top line increased while the bottom line declined year over year.
The top-line performance was backed by the notable contributions from EMI Industries, which was acquired by the company on Apr 18, 2024 and the solid execution of the vertical market strategy. This was partially offset by continued lower demand in the grocery vertical owing to the proposed merger of two large industry participants, which the company has previously reported and remains under regulatory review at this time.
The underlying demand fundamentals for LYTS’ key markets remain healthy, making it well-positioned to achieve profitable growth in fiscal 2025. Also, its Display Solutions segment’s backlog for the refueling/c-store market is strong entering fiscal 2025, indicating multiple major customer program wins in the second half of fiscal 2024.
Delving Deeper
The company reported earnings of 19 cents per share, which topped the Zacks Consensus Estimate of 18 cents by 5.6%. The metric declined 32.1% from the year-ago reported figure of 28 cents per share.
LSI Industries Inc. Price, Consensus and EPS Surprise
Net sales of $129 million beat the consensus mark of $127 million by 1.4%. The metric also increased 4% from the prior-year quarter’s level. EMI Industries contributed $18.1 million to the quarter’s top line.
Net sales in the Lighting segment and the Display Solutions segment were $65.1 million and $63.9 million, respectively, down 9% and up 22%, year over year.
Operating Highlights
Adjusted operating profit declined 5% to $11.2 million year over year.
Adjusted EBITDA was flat year over year at $14 million. Adjusted EBITDA margin contracted 50 basis points (bps) to 10.9% from a year ago.
Sneak Peek at Fiscal 2024
In fiscal 2024, the net sales declined 6% year over year to $469.6 million. The earnings per share was 83 cents, down 6% from 88 cents reported in fiscal 2023.
Adjusted operating profit declined 1% to $41.4 million from $42 million reported a year ago. Adjusted EBITDA was flat year over year at $51.4 million, with adjusted EBITDA margin expanding 60 bps to 11% year over year.
Financials
At the end of the fiscal fourth quarter, LSI Industries had current assets worth $162.5 million compared with $149.9 million in the year-ago quarter. Long-term debt increased to $50.7 million from $31.6 million reported in the year-ago quarter.
At the end of fiscal 2024, free cash flow was down 18% year over year to $38 million.
Martin Marietta Materials, Inc. (MLM - Free Report) reported tepid results for second-quarter 2024, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines decreased on a year-over-year basis.
MLM witnessed historic precipitation in Texas and parts of the Midwest, along with ongoing restrictive monetary policy and curtailed volumes, thanks to April and May's historically wet weather. Owing to the slowing product demand in the interest-rate-sensitive private construction sector, the company lowered its full-year adjusted EBITDA guidance to $2.2 billion at the midpoint.
Louisiana-Pacific Corporation (LPX - Free Report) reported stellar second-quarter 2024 results. Earnings and net sales beat the respective Zacks Consensus Estimate and increased on a year-over-year basis.
Several key factors propelled the impressive quarterly performance. There was a notable surge in demand for Siding and OSB, highlighted by a significant increase in volume. Record-breaking volumes for ExpertFinish and BuilderSeries underscored the robust market appetite. Moreover, higher commodity prices, enhanced operational efficiency and a decline in freight, raw materials and labor costs were pivotal in driving margin expansion.
Boise Cascade Company (BCC - Free Report) reported decent second-quarter 2024 results, with earnings and sales topping the Zacks Consensus Estimate. However, both top and bottom lines declined on a year-over-year basis.
The company's quarterly performance was impacted by weak demand due to high mortgage rates and economic uncertainties. Also, lower volumes and prices in the Wood Products segment led to reduced sales. Despite the current uncertainty in demand, the company expects to achieve solid results in the second half of the year. BCC aims to provide exceptional value to its customers and vendors by leveraging the company’s top-notch manufacturing and distribution network.
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LSI Industries (LYTS) Q4 Earnings & Net Sales Top Estimates
LSI Industries Inc. (LYTS - Free Report) reported better-than-expected results in fourth-quarter fiscal 2024 (ended Jun 30), with earnings and net sales surpassing the Zacks Consensus Estimate. The top line increased while the bottom line declined year over year.
The top-line performance was backed by the notable contributions from EMI Industries, which was acquired by the company on Apr 18, 2024 and the solid execution of the vertical market strategy. This was partially offset by continued lower demand in the grocery vertical owing to the proposed merger of two large industry participants, which the company has previously reported and remains under regulatory review at this time.
The underlying demand fundamentals for LYTS’ key markets remain healthy, making it well-positioned to achieve profitable growth in fiscal 2025. Also, its Display Solutions segment’s backlog for the refueling/c-store market is strong entering fiscal 2025, indicating multiple major customer program wins in the second half of fiscal 2024.
Delving Deeper
The company reported earnings of 19 cents per share, which topped the Zacks Consensus Estimate of 18 cents by 5.6%. The metric declined 32.1% from the year-ago reported figure of 28 cents per share.
LSI Industries Inc. Price, Consensus and EPS Surprise
LSI Industries Inc. price-consensus-eps-surprise-chart | LSI Industries Inc. Quote
Net sales of $129 million beat the consensus mark of $127 million by 1.4%. The metric also increased 4% from the prior-year quarter’s level. EMI Industries contributed $18.1 million to the quarter’s top line.
Net sales in the Lighting segment and the Display Solutions segment were $65.1 million and $63.9 million, respectively, down 9% and up 22%, year over year.
Operating Highlights
Adjusted operating profit declined 5% to $11.2 million year over year.
Adjusted EBITDA was flat year over year at $14 million. Adjusted EBITDA margin contracted 50 basis points (bps) to 10.9% from a year ago.
Sneak Peek at Fiscal 2024
In fiscal 2024, the net sales declined 6% year over year to $469.6 million. The earnings per share was 83 cents, down 6% from 88 cents reported in fiscal 2023.
Adjusted operating profit declined 1% to $41.4 million from $42 million reported a year ago. Adjusted EBITDA was flat year over year at $51.4 million, with adjusted EBITDA margin expanding 60 bps to 11% year over year.
Financials
At the end of the fiscal fourth quarter, LSI Industries had current assets worth $162.5 million compared with $149.9 million in the year-ago quarter. Long-term debt increased to $50.7 million from $31.6 million reported in the year-ago quarter.
At the end of fiscal 2024, free cash flow was down 18% year over year to $38 million.
Zacks Rank & Recent Construction Releases
LSI Industries currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Martin Marietta Materials, Inc. (MLM - Free Report) reported tepid results for second-quarter 2024, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines decreased on a year-over-year basis.
MLM witnessed historic precipitation in Texas and parts of the Midwest, along with ongoing restrictive monetary policy and curtailed volumes, thanks to April and May's historically wet weather. Owing to the slowing product demand in the interest-rate-sensitive private construction sector, the company lowered its full-year adjusted EBITDA guidance to $2.2 billion at the midpoint.
Louisiana-Pacific Corporation (LPX - Free Report) reported stellar second-quarter 2024 results. Earnings and net sales beat the respective Zacks Consensus Estimate and increased on a year-over-year basis.
Several key factors propelled the impressive quarterly performance. There was a notable surge in demand for Siding and OSB, highlighted by a significant increase in volume. Record-breaking volumes for ExpertFinish and BuilderSeries underscored the robust market appetite. Moreover, higher commodity prices, enhanced operational efficiency and a decline in freight, raw materials and labor costs were pivotal in driving margin expansion.
Boise Cascade Company (BCC - Free Report) reported decent second-quarter 2024 results, with earnings and sales topping the Zacks Consensus Estimate. However, both top and bottom lines declined on a year-over-year basis.
The company's quarterly performance was impacted by weak demand due to high mortgage rates and economic uncertainties. Also, lower volumes and prices in the Wood Products segment led to reduced sales. Despite the current uncertainty in demand, the company expects to achieve solid results in the second half of the year. BCC aims to provide exceptional value to its customers and vendors by leveraging the company’s top-notch manufacturing and distribution network.