January 26, 2023
LSI Industries Delivers Another Strong Quarter
Company’s second quarter continues to show growth compared to prior year
On Thursday, Ohio lighting and display manufacturer, LSI Industries reported fiscal second quarter financial results for the three months ended December 31, 2022. LSI Industries earnings per share beat Wall Street estimates by $0.08, while revenue also topped estimates. Shortly after market open on Thursday LSI Industries (Nasdaq: LYTS) stock was trading at $13.74, up 5.3% intraday over yesterday's close.
Sales numbers:
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Total sales for LSI’s Lighting and Display segments were $128.8 million, up 16% versus same quarter prior year.
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Lighting Segment net sales of $66.8 million increased 17% versus same quarter prior year.
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Year to date through six months, Lighting Segment net sales of $134.4 million increased 24%.
Look at those profits:
Quarterly net Income more than doubled, up 107% to $6.4 million. Adjusted net income for the quarter was $7.6 million.
Lighting Segment sales
It was another strong quarter for LSI’s lighting segment. For the third straight quarter, Lighting Segment sales were over $65 million – a level that previously hadn’t been attained since 2018.
A $500 million company?
In 2021, LSI stated its intention to become a $500 million company by 2025. Halfway through its fiscal 2023, the company is well on its way to achieve the milestone two years sooner – having logged $256 million in revenue at the halfway point of fiscal year 2023.
Lighting Segment commentary:
CEO Jim Clark stated, “The Lighting segment continued its strong momentum during the second quarter, generating year-over-year sales growth of 17%, while operating earnings improved 45% versus prior year. Sales growth was broad-based, with significant increases in all vertical market applications. Our new product development activity the last two years prioritized improving and expanding our indoor product range for select vertical markets which, when combined with our widely accepted outdoor portfolio, creates a powerful, value-add solution set. Indoor sales continue to accelerate, achieving second quarter sales growth of 32%. Our enhanced offering has increased the number of orders containing both indoor and outdoor products, serving to increase our average order size.”
