Quarterly ResultOct 28, 2026, 05:21 PM
Flexsteel Q3 Sales Up 3.2% to $114M; Net Income Falls
AI Summary
Flexsteel Industries, Inc. reported a 3.2% increase in net sales to $114.0 million for the quarter ended September 30, 2026, compared to the prior year. However, gross margin declined due to currency impacts and inflation, and SG&A expenses rose, leading to a decrease in net income to $5.4 million ($1.24 per diluted share) from $7.3 million ($1.31 per diluted share) in the prior year. The company also entered into a $30.0 million credit facility and saw a significant decrease in cash and cash equivalents.
Key Highlights
- Net sales increased 3.2% to $114.0 million for the quarter ended September 30, 2026, compared to $110.4 million in the prior year quarter.
- Gross margin decreased to 22.0% from 23.5% due to foreign currency translation and inflation.
- Selling, general and administrative expenses increased to $18.2 million from $17.0 million.
- Net income decreased to $5.4 million ($1.24 per diluted share) from $7.3 million ($1.31 per diluted share).
- Cash and cash equivalents decreased to $4.4 million from $16.7 million.
- Sales order backlog increased 8.2% to $77.7 million.
- Company entered into a $30.0 million secured revolving credit facility with Wells Fargo.
Price Impact
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