LSI Industries misses Wall Street estimates in 4Q, swinging to a loss as lighting sales dim

LSI Industries Inc (NASDAQ:LYTS) announced lower-than-expected fiscal fourth-quarter earnings, swinging to a loss as sales in its lighting segment dimmed.

The lighting and graphics company reported a net loss of US$0.10 per share on revenue of US$83.41mln compared with US$0.03 EPS on revenue of US$83.42 in the previous year’s fourth quarter.

The Cincinnati-based company reported adjusted earnings of US$0.02 per share, falling below Wall Street estimates of US$0.03 EPS. Its revenue fell below estimates of $85.23mln.

For the full year, the tech company reported a net loss of US$0.76 per share on revenue of US$342mln.

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“Our results in the fourth quarter were mixed. While the Graphics business posted strong results, we continue to face challenges in the Lighting business,” said CEO Ron Brown in the company’s press release.

Lighting segment sales were 8% lower than last year while the sales in the graphics segment was up more than 30%. LED sales accounted for 93% of all lighting fixture sales.

The board of directors set the regular quarterly cash dividend of US$0.05 per share payable September 4, 2018, to shareholders of record as of August 27, 2018.

Shares of the lighting company were down nearly 7% to US$4.20 by the close Wednesday.

Story by ProactiveInvestors