Q4 2024 LSI Industries Inc Earnings Call Transcript
Key Points
- Sales increased by 4% in Q4 compared to the prior year.
- Adjusted EBITDA for the full year 2024 was up 11%, with a 60 basis point improvement.
- Free cash flow for the year exceeded $38 million.
- Introduction of new environmentally friendly refrigeration solutions using R290.
- Strong backlog and momentum in the Display Solutions Group, with Q4 sales up 22% versus the prior year.
- Grocery store vertical experienced steady market headwinds throughout the year.
- Lighting sales saw a small drop in 2024.
- Adjusted earnings per share for the fiscal year were $0.95, down from $0.99 in fiscal '23.
- Comparable sales were below the prior year due to disruptions in the grocery vertical.
- Integration of EMI Industries, while progressing well, presents a challenge in aligning margins with LSI's performance.
Greetings and welcome to LSI Industries Fiscal 2024 fourth quarter results conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jim Galeese, Chief Financial Officer of LSI. Thank you. You may begin.
Welcome, everyone, and thank you for joining today's call. We issued a press release before the market opened this morning detailing our fiscal '24 fourth quarter and full year results. In addition to this release, we also posted a conference call presentation in the Investor Relations section of our corporate website. Information contained in this presentation will be referenced throughout today's conference call, included are certain non-GAAP measures for improved transparency of our operating results.
A complete reconciliation of GAAP and non-GAAP results is contained in our press release and 10-Q. Please note that management's commentary and responses to today's
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