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Dec 31, 2021
LSI Q2 2022 Earnings Report
LSI Industries reported a strong fiscal second quarter 2022 with significant year-over-year growth in sales and profitability.
Key Takeaways
LSI Industries reported a 45% increase in total net sales to $111.1 million and a 41% increase in net income to $3.1 million, driven by recovery in non-residential construction, gains in vertical markets, and contributions from the JSI Store Fixtures acquisition.
Total net sales increased by 45% year-over-year to $111.1 million, with organic net sales up 19% year-over-year.
Lighting sales increased by 27% year-over-year, while Display Solution sales increased by 72% year-over-year.
Net income increased by 41% year-over-year to $3.1 million, or $0.11 per diluted share.
Adjusted EBITDA increased by 65% year-over-year to $8.4 million.
LSI
LSI
LSI Revenue by Segment
Revenue by Segment
Lighting Segment Revenue
CapyFin.comDisplay Solutions Revenue
CapyFin.com Forward Guidance
The company is incrementally more positive on the outlook for the second half of fiscal 2022. Market indicators remain favorable, while current quote, order and backlog levels are measurably above last year. The company expects to achieve further margin expansion as price escalations offset rising input costs.
Positive Outlook
- Demand conditions have improved, contributing to organic growth across both our Lighting and Display Solutions businesses.
- Sales exceeded $100 million for the second consecutive quarter, and increased sequentially from our record first quarter.
- Effective execution of our vertical market strategy and continued price management actions to counter ongoing increases in input costs.
- Supply chain capabilities have proven an important point of differentiation for our business.
- Current quote, order and backlog levels are measurably above last year.
Challenges Ahead
- The operating environment remains challenging.
- Ongoing supply chain challenges including fluctuating supplier lead-times.
- Transit capacity issues.
- Widespread inflation.
- Heightened supply chain disruptions evidenced throughout the pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income