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Sep 30, 2023
LSI Q1 2024 Earnings Report
LSI Industries reported solid first quarter results driven by strong execution and margin expansion.
Key Takeaways
LSI Industries reported a decrease in net sales by 3% year-over-year to $123.4 million, but net income increased by 28% to $8.0 million, or $0.27 per diluted share. Adjusted EBITDA increased by 13% to $15.1 million, with an adjusted EBITDA margin of 12.2%. The company generated $9.2 million in free cash flow and reduced net debt to $25.1 million.
Net income increased 28% year-over-year to $8.0 million, or $0.27 per diluted share.
Adjusted net income increased 23% year-over-year to $8.7 million, or $0.29 per diluted share.
Adjusted EBITDA increased 13% year-over-year to $15.1 million, representing 12.2% of sales.
Free cash flow was $9.2 million for the quarter.
Forward Guidance
The company will maintain its management focus on strong commercial and operational execution, margin management, and cash generation, allowing it to successfully manage through any short-term market disruptions associated with program timing.
Challenges Ahead
- Near-term activity in Display Solutions will be impacted by program timing.
- Timing issues of site permitting and customer installation scheduling.
- Industry disruption caused by the pending merger of the nation’s two largest grocery chains.
- Record prior year shipments will adversely impact Display sales in the fiscal second quarter when compared to the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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