---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-049888"
form_type: "8-K"
ticker: "FLXS"
cik: "0000037472"
company_name: "FLEXSTEEL INDUSTRIES INC"
filed_at: "2024-04-29T23:59:59+00:00"
generated_at: "2026-06-03T05:53:42.016343+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Flexsteel Q3 sales up 8.2% to $107.2M; appoints Derek Schmidt as CEO effective July 1

## Summary
- Net sales of $107.2M, +8.2% YoY; GAAP EPS $0.33, adjusted EPS $0.67.
- Gross margin expanded 290 bps to 21.7%; adjusted operating margin 5.2%.
- Debt repayments of $3.7M in Q3, line of credit borrowings reduced 21%.
- Derek P. Schmidt appointed CEO effective July 1, 2024; Jerald Dittmer to retire Dec 31, 2024.
- Q4 FY2024 guidance: sales $107-112M, adjusted operating margin 5.2%-6.0%.

## SEC filing metadata
- accession: 0000950170-24-049888
- form_type: 8-K
- ticker: FLXS
- cik: 0000037472
- company_name: FLEXSTEEL INDUSTRIES INC
- filed_at: 2024-04-29T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/0000950170-24-049888-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/flxs-20240425.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-049888
- JSON: https://secwatch.observer/filing/0000950170-24-049888.json
- Plain text: https://secwatch.observer/filing/0000950170-24-049888.txt

## Key facts
- Earnings Releases
  FLEXSTEEL INDUSTRIES INC updated its fourth quarter fiscal 2024 guidance (raised).
  - Period: fourth quarter fiscal 2024
  - Guidance: raised
  - Result: guidance update
  source text: For the fourth quarter fiscal 2024, the Company reiterates previously disclosed sales guidance. The Company is increasing the low-end range of expected adjusted operating margin
  evidence_url: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/0000950170-24-049888-index.htm
- Earnings Releases
  FLEXSTEEL INDUSTRIES INC reported Third Quarter Ended March 31, 2024 results: revenue $107.2 million, net income $1.8 million, EPS $0.33.
  - Period: Third Quarter Ended March 31, 2024
  - Revenue: $107.2 million
  - Net income: $1.8 million
  - EPS: $0.33
  - Result: reported results
  source text: Strong sales growth of 8.2%. Net sales for the quarter of $107.2 million compared to $99.1 million in the prior year quarter. • Robust sales orders of $111.5 million representing growth of $12.2M, or 12.3%, compared to the prior year quarter. • Significant gross margin expansion to 21.7% compared to 18.8% in the prior year quarter. • GAAP operating income of $3.0 million or 2.8% of net sales compared to $2.1 million or 2.1% of net sales in the prior year quarter. o Adjusted operating income of $5.6 million or 5.2% of net sales for the third quarter compared to $2.1 million or 2.1% of net sales in the prior year quarter. • GAAP net income per diluted share of $0.33 for the current quarter compared to net income per diluted share of $0.28 in the prior year quarter.
  evidence_url: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/0000950170-24-049888-index.htm
- Executive change
  Derek P. Schmidt was appointed as Chief Executive Officer at FLEXSTEEL INDUSTRIES INC.
  - Action: appointed
  - Role: Chief Executive Officer
  source text: On April 29, 2024, Flexsteel Industries, Inc. (the “Company”) announced the appointment of Derek P. Schmidt to the position of Chief Executive Officer effective on July 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/0000950170-24-049888-index.htm
- Executive change
  Jerald K. Dittmer resigned as Chief Executive Officer at FLEXSTEEL INDUSTRIES INC.
  - Action: resigned
  - Role: Chief Executive Officer
  source text: Mr. Schmidt will succeed Jerald K. Dittmer who has announced his resignation from the position of Chief Executive Officer effective June 30, 2024, and retirement from the Company on December 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/37472/000095017024049888/0000950170-24-049888-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.