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Flexsteel Industries profit beats consensus by 65.8% in fiscal Q3

Flexsteel Industries Inc. said its normalized net income for the fiscal third quarter ended March 31 came to 90 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS rose 60.3% year over year from 56 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.9 million, an increase of 60.9% from $4.3 million in the prior-year period.

The normalized profit margin rose to 5.6% from 3.9% in the year-earlier period.

Total revenue rose 10.9% year over year to $122.5 million from $110.5 million, and total operating expenses increased 7.1% year over year to $111.6 million from $104.1 million.

Reported net income grew 55.7% from the prior-year period to $6.9 million, or 90 cents per share, from $4.5 million, or 58 cents per share.