LSI Industries down after missing Q1 sales estimates
LSI Industries, Inc. (Nasdaq: LYTS) shares are down after the lighting products company reported first-quarter sales rose 3.8% to $90 million, missing analyst expectations of $93.8 million and compared with $86.7 million a year earlier.
“The first quarter of fiscal 2008 demonstrated strong growth and positive momentum that carried over from our record fiscal 2007 operating results,” CEO Robert J. Ready said in a statement. “While we were generally pleased with the first quarter results, especially the improvement in profitability, there were some items that could have made the quarter even better.”
Revenue was negatively impacted by delayed shipping of LSI products by Wal-Mart Stores Inc. (NYSE: WMT) because of store construction and slow shipping of digital video screens due to onsite construction problems. Sales in the firm’s lighting segment fell 8.6% to $47.9 million.
The Cincinnati-based company’s quarterly profit grew to $7 million, or $0.32 per share, above Wall Street estimates of $0.30 per share and compared with $5.5 million, or $0.25 per share, during the same period of 2006.
The firm declined to provide guidance and said it will reconsider the issue during the second quarter. Wal-Mart’s delays have made it difficult for LSI to accurately predict sales and earnings, the company said.
Before the opening, LSI said its board declared a dividend of $0.15 per share payable Nov. 13 to shareholders of record as of Nov. 6.
In midday trading, LYTS shares are down 15.55%, or $3.39, at $18.41. Over the last 52 weeks, shares have ranged from $14.65 to $23.05.
