Flexsteel (FLXS) Q1 2025 Earnings Call Transcript

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Tuesday, Oct. 22, 2024, astatine 9:00 a.m. ET

• President and Chief Executive Officer — Derek Schmidt

• Chief Financial Officer — Mike Ressler

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Mike Ressler: Thank you, and invited to today's telephone to sermon Flexsteel Industries archetypal 4th fiscal twelvemonth 2025 fiscal results. Our net release, which we issued aft marketplace adjacent yesterday, Monday, October 21 is disposable connected the Investor Relations conception of our website astatine www.flexsteel.com nether News & Events. I'm present contiguous with Derek Schmidt, President and Chief Executive Officer. On today's call, we volition supply prepared remarks, and we volition past unfastened the telephone to your questions. Before we begin, I would similar to punctual you that the comments connected today's telephone volition see forward-looking statements which tin beryllium identified utilizing words specified arsenic estimate, anticipate, expect and akin phrases.

Forward-looking statements, by their nature, impact estimates, projections, goals, forecasts and assumptions, and are taxable to risks and uncertainties that could origin existent results oregon outcomes to disagree materially from those expressed successful the forward-looking statements. Such risks and uncertainties include, but are not constricted to, those that are described successful our astir caller yearly study connected Form 10-K arsenic updated by our consequent quarterly reports connected Form 10-Q and different SEC filings arsenic applicable. These forward-looking statements talk lone arsenic of the day of this league telephone and should not beryllium relied upon arsenic predictions of aboriginal events.

Additionally, we whitethorn notation to non-GAAP measures, which are intended to supplement, but not substitute for the astir straight comparable GAAP measures. The property merchandise disposable connected our website contains the fiscal and different quantitative accusation to beryllium discussed contiguous arsenic good arsenic the reconciliation of the GAAP to non-GAAP measures. And with that, I'll crook the telephone implicit to Derek Schmidt, Derek?

Derek Schmidt: Good morning, and convey you for joining america today. I americium pleased to stock with you our archetypal 4th results. We proceed to execute good and delivered beardown income growth, sizable year-over-year nett betterment and continued affirmative escaped currency travel successful the quarter. While manufacture request remains lackluster owed to challenging macroeconomic conditions, we proceed to physique maturation momentum and delivered astir 10% income maturation successful the quarter, which represents our 4th consecutive 4th of mid-single to debased double-digit year-over-year growth. Encouragingly, the sources of our maturation are numerous, which gives maine accrued assurance that our maturation momentum is sustainable.