Live Ventures Q2 revenue falls 3.8% on weak flooring demand

Live Ventures Inc

Live Ventures Inc

LIVE

0.00


Overview

  • US diversified holding company reported fiscal Q2 revenue down 3.8% yr/yr

  • Company posted net loss and negative EPS, impacted by $4 mln goodwill impairment charge

  • Revenue decline driven by weakness in Retail-Flooring and macroeconomic headwinds in housing markets


Outlook

  • Company says macroeconomic headwinds continue to impact new-home construction and home-refurbishment markets

  • Live Ventures plans to drive further efficiencies in Retail-Flooring segment in second half of fiscal yr

  • Company focused on reducing costs and improving operations across all business segments


Result Drivers

  • RETAIL-FLOORING WEAKNESS - Revenue decline was mainly due to lower retail and contractor sales in Retail-Flooring, attributed to continued headwinds in new-home construction and home-refurbishment markets

  • GOODWILL IMPAIRMENT - Operating loss was driven by a non-cash goodwill impairment charge of $4 mln in the Steel Manufacturing segment

  • RETAIL-ENTERTAINMENT GROWTH - Retail-Entertainment segment saw revenue growth due to strong consumer demand and disciplined expense management


Company press release: ID:nGNX8XHV9b


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

$102.90 mln

Q2 EPS

-$0.80

Q2 Net Income

-$2.45 mln

Q2 Adjusted EBITDA

$5.88 mln

Q2 Operating Income

-$2.009 mln


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