Higher RV seating sales revenue helped Flexsteel Industries Inc. report improved financial results for its third fiscal quarter, which ended March 31.
Flexsteel issued its earnings report after the stock market closed today (April 16), but Flexsteel shares still gained 46 cents in Nasdaq Stock Market trading today to close at $17.10, a new 52-week high.
The Dubuque, Iowa-based company reported its RV seating sales increased 9% during the January-through-March period to $17.7 million, and its residential seating sales climbed 1% to $52.2 million. Its commercial seating sales declined 4% to $3.8 million.
Flexsteel’s net income for the three months ended March 31 more than doubled to $2 million, compared with $800,000 earned during the same period a year earlier.
The January-through-March period represents a turnaround for Flexsteel because its sales in all three seating categories were down and its net earnings were lower during the nine months ended March 31.
Flexsteel’s RV seating sales were down 3% during the nine-month period to $48.2 million and its residential seating revenue declined 7% to $141.4 million. Its commercial seating sales revenue slipped 6% to $13.2 million.
The company’s net income for the nine months ended March 31 declined 34% to $2.9 million.