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Sep 30, 2022
LSI Q1 2023 Earnings Report
LSI Industries reported strong Q1 2023 results with significant growth in net sales and profitability.
Key Takeaways
LSI Industries reported a strong first quarter with a 19% increase in net sales to $127.1 million and a 100% increase in net income to $6.3 million. Adjusted EBITDA increased by 76% to $13.3 million, representing 10.5% of sales. The company also generated $10.1 million in free cash flow and reduced net debt leverage to 1.7x.
Net sales increased by 19% year-over-year to $127.1 million.
Net income doubled to $6.3 million, with diluted EPS of $0.22.
Adjusted EBITDA grew by 76% year-over-year to $13.3 million, representing 10.5% of sales.
Free cash flow was $10.1 million, driven by growth in operating cash flow and improved working capital management.
Revenue by Segment
Forward Guidance
LSI enters the fiscal second quarter with continued momentum and is well-positioned to build on the success of the last two years. They continue to win additional business in both new and existing market verticals as evidenced by a growing backlog of activity. Relationships with their partners and customers have never been stronger, as they increasingly recognize the value of our solutions and our on-going commitment to satisfy their unique requirements.
Positive Outlook
- Continued momentum entering the fiscal second quarter.
- Well-positioned to build on the success of the last two years.
- Winning additional business in both new and existing market verticals.
- Growing backlog of activity.
- Stronger relationships with partners and customers.
Challenges Ahead
- Shipments of digital menu board systems to quick-serve restaurant (QSR) customers were delayed due to site installation scheduling changes and temporary component availability issues.
- Total Display Solution sales were constrained during the first quarter
Historical Earnings Impact
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Avg. Return Before/After Earnings
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