Flexsteel Posts Q3 Profit, Sales Records
April 17, 2014,
DUBUQUE, Iowa-Flexsteel Industries set new marks for net income and net sales in its third quarter ending on March 31.
Net income totaled $4.4 million, up 41.8 percent from the third quarter of last year. Net sales in the quarter increased 12.4 percent to finish at $110.5 million. The company reported gains of 16 percent in residential sales and 11 percent in commercial sales, thanks to strong sales in upholstered, ready-to-assemble and hospitality products.
Flexsteel also set new records for net income ($9.4 million) and sales ($327.4 million) for the first nine months of the fiscal year.
Flexsteel said in its statement on the results that it expects top-line growth for the fourth quarter as well, given its existing strong order backlog and positive order trends. Upholstered and ready-to assemble products should continue to grow sales in the residential sector, the company said.