Why LSI Industries Stock Is Soaring Today
LSI Industries (NASDAQ: LYTS) stock is seeing huge gains following the company's recent fourth-quarter report. The commercial lighting and display specialist's share price was up 17.9% as of 11 a.m. ET on Thursday, according to data from S&P Global Market Intelligence.
Prior to the market opening today, LSI released results for the fourth quarter of its most recently completed fiscal year, which ended June 30. The company reported non-GAAP (adjusted) earnings per share of $0.30 on revenue of $123.5 million, handily topping the average analyst estimates' call for per-share earnings of $0.19 on revenue of roughly $118.6 million.
All in all, LSI Industries delivered a strong quarterly report -- with a 5% year-over-year sales increase for its lighting segment powering better-than-expected results. The company's adjusted net income rose 46% year over year to reach $8.8 million, and its free cash flow surged 94% compared to the prior-year period to hit $15.6 million. LSI also continued to make progress improving its balance sheet, cutting debt by 50% to $33.4 million at the end of its last fiscal year.
Source Fool.com
