Flexsteel Q3 FY2022: net sales up 18.6% to $140.4M, GAAP EPS $0.82

FLEXSTEEL INDUSTRIES INC

2022-Q3 EPS reported $0.31 revenue$419,765,000

GAAP net income $5.3M ($0.82 diluted EPS) vs $4.9M ($0.67) prior year; non-GAAP EPS $0.81 vs $0.72.
Gross margin 15.7%, down 380 bps from 19.5% due to supply chain costs, capacity investments, and inflation.
Operating cash flow $37.1M; reduced bank borrowings by $18.1M; repurchased $18.3M shares (13.7% of shares outstanding).
Fiscal 2022 capex guided $7-9M for manufacturing and distribution expansion.
New Mexicali plant on track for late summer; lead times expected to return to 4-6 weeks by early June.

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