Flexsteel raises Q2 revenue guidance but expects operating loss on supply chain costs

FLEXSTEEL INDUSTRIES INC

Q2 revenue guidance raised to $137-143M (mid-point $140M, 17.5% YoY growth).
Operating loss expected in Q2 due to ocean container ancillary costs exceeding $10M.
Q1 ancillary costs were over $5M; conditions worsened in Q2 with higher per diem rates.
Company anticipates operating profit in Q3 and Q4 for fiscal 2022.
Full-year revenue growth projected at 15-20% YoY.

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