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Flexsteel Industries fiscal Q1 profit climbs 14.8% YOY

Flexsteel Industries Inc. said its normalized net income for the fiscal first quarter ended Sept. 30 was 64 cents per share, compared with the S&P Capital IQ consensus estimate of 64 cents per share.

EPS rose 11.3% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.9 million, a gain of 14.8% from $4.3 million in the prior-year period.

The normalized profit margin increased to 4.5% from 4.1% in the year-earlier period.

Total revenue rose on an annual basis to $108.7 million from $104.3 million, and total operating expenses climbed year over year to $101.4 million from $98.0 million.

Reported net income rose 29.5% on an annual basis to $4.9 million, or 64 cents per share, from $3.8 million, or 51 cents per share.