Flexsteel Industries Reports Record 3Q Earnings
Dubuque, Iowa-based furniture supplier Flexsteel Industries Inc. reported record third quarter net income of $3.3 million, or $0.48 per share, compared to net income of $2.5 million, or $0.35 per share, in the prior year quarter, an increase of 36.2%.
The company reported sales for the quarter, ended March 31, of $91.6 million compared to $85.2 million in the prior year quarter, an increase of 7.6%.
For the nine months, Flexsteel posted net income of $8.7 million, or $1.24 per share, compared to a net income of $6.9 million, or $1 per share, in the prior year period, an increase of 25.1%. Net sales for the nine-month period increased 1.1% to $258.2 million compared to $255.2 million the previous year.
Third-quarter residential sales were $71.2 million, an increase of 9.6% from the prior year quarter sales of $65 million. Commercial net sales were $20.4 million compared to $20.2 million in the prior year quarter.
For the nine months, residential net sales were $200.7 million compared to $193.7 million in the prior year, an increase of 3.6%. Commercial net sales decreased 6.6% to $57.5 million during the period compared to $61.5 million last year, a decrease of 6.6%.
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