Live Ventures (LIVE) Telefonkonferenz zu den Ergebnissen des 3. Quartals 2026: Schwäche im Bodenbelagsgeschäft belastet Gewinn

Live Ventures (NASDAQ: LIVE) meldete für das dritte Quartal des Geschäftsjahres einen geringeren Umsatz und eine gesunkene Profitabilität, da eine Schwäche im Segment Retail-Flooring das Wachstum in den anderen drei Geschäftsbereichen überwog.

Wichtigste Erkenntnisse

• Der Umsatz im 3. Quartal des Geschäftsjahres 2026 sank im Jahresvergleich um 3,2 % auf 108,9 Millionen US-Dollar, was in erster Linie auf einen Rückgang der Umsätze im Bereich Retail-Flooring um 9 Millionen US-Dollar zurückzuführen ist.
• Das Betriebsergebnis fiel um 34 % auf 5,3 Millionen US-Dollar, während das bereinigte EBITDA um 29,5 % auf 9,3 Millionen US-Dollar sank.
• Das Unternehmen verzeichnete einen Nettoverlust von 1,1 Millionen US-Dollar bzw. 0,34 US-Dollar je Aktie, verglichen mit einem Nettogewinn von 5,4 Millionen US-Dollar und einem verwässerten Ergebnis je Aktie von 1,24 US-Dollar im Vorjahreszeitraum.
• Der Umsatz im Segment Retail-Entertainment stieg um 12,7 % auf 21,4 Millionen US-Dollar, wobei das Betriebsergebnis um 33,8 % und das bereinigte EBITDA um 28,9 % zulegten.
• Der Umsatz im Bereich Steel Manufacturing stieg um 7,3 % auf 36,3 Millionen US-Dollar. Das Betriebsergebnis erhöhte sich um 68,9 %, während das bereinigte EBITDA um 16,3 % stieg.
• Die Liquidität belief sich zum 30. Juni auf insgesamt rund 39,8 Millionen US-Dollar, darunter 10,9 Millionen US-Dollar an liquiden Mitteln und 28,9 Millionen US-Dollar, die aus Kreditlinien verfügbar waren.

Wichtigste Finanzkennzahlen

Die allgemeinen Verwaltungskosten stiegen um 5 % auf 27,6 Millionen US-Dollar, was auf höhere Vergütungen und Beratungskosten in den Bereichen Retail-Entertainment, Flooring Manufacturing und Corporate zurückzuführen ist. Die Vertriebs- und Marketingkosten stiegen um 5,4 % auf rund 4,2 Millionen US-Dollar.

Der Vorjahreszeitraum enthielt einen Gewinn von 1,5 Millionen US-Dollar aus Gutschriften zur Mitarbeiterbindung (Employee Retention Credits) sowie einen Gewinn von 1,3 Millionen US-Dollar im Zusammenhang mit der Begleichung einer Einbehaltsverbindlichkeit von Precision Marshall.

Geschäftliche und operative Entwicklung

Retail-Flooring: Der Umsatz sank um 29,4 % von 30,4 Millionen US-Dollar auf 21,4 Millionen US-Dollar. Das Management führte den Rückgang auf geringere Verkäufe an Einzelhändler und Bauunternehmer vor dem Hintergrund der anhaltenden Schwäche beim Neubau und der Renovierung von Wohnimmobilien zurück.

Retail-Entertainment: Der Umsatz stieg um 12,7 % auf 21,4 Millionen US-Dollar, unterstützt durch eine starke Verbrauchernachfrage in allen Produktlinien. Das Betriebsergebnis und das bereinigte EBITDA stiegen um 33,8 % bzw. 28,9 %.

Steel Manufacturing: Der Umsatz wuchs um 7,3 % auf 36,3 Millionen US-Dollar. Höhere Absatzvolumina in den Bereichen Fertigung, gehärteter Verschleißschutz sowie Werkzeug- und Formenbau machten geringere Umsätze bei Metallumformungs-, Montage- und Veredelungslösungen mehr als wett. Das Betriebsergebnis stieg um 68,9 % und das bereinigte EBITDA nahm um 16,3 % zu.

Flooring Manufacturing: Der Umsatz stieg um 2,8 % von 31 Millionen US-Dollar auf 31,8 Millionen US-Dollar. Der Umsatz nach Konsolidierung konzerninterner Umsätze stieg im Jahresvergleich um rund 1,1 Millionen US-Dollar.

Zum 30. Juni wies Live Ventures eine Bilanzsumme von 385,8 Millionen US-Dollar und ein Eigenkapital von 91,9 Millionen US-Dollar aus. Aus dem Aktienrückkaufprogramm im Umfang von 10 Millionen US-Dollar standen noch rund 9,5 Millionen US-Dollar zur Verfügung.

Risiken und Beobachtungspunkte

Die anhaltende Schwäche beim Neubau und der Renovierung von Wohnimmobilien bleibt nach Angaben des Managements der Hauptbelastungsfaktor für das operative Geschäft. Die daraus resultierende Schwäche im Segment Retail-Flooring reduzierte den konsolidierten Umsatz und den Bruttogewinn trotz des Wachstums in den anderen drei Geschäftsbereichen des Unternehmens.

Höhere Vergütungen, Beratungskosten sowie Vertriebs- und Marketingaufwendungen belasteten ebenfalls das Betriebsergebnis. Das Management erklärte, es konzentriere sich weiterhin darauf, die Wertschöpfung in allen Geschäftsbereichen zu verbessern und nachhaltigen, langfristigen Wert zu schaffen.

Vollständiges Transkript des Earnings Call

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Welcome to the Live Ventures Fiscal Year 2026 Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Greg Powell, Director of Investor Relations. Please go ahead, sir.

Greg Powell

Thank you, Jen. Good afternoon, and welcome to the Live Ventures Third Quarter Fiscal Year 2026 Conference Call. Joining us this afternoon are Jon Isaac, our Chief Executive Officer and President; and David Verret, our Chief Financial Officer.

Some of the statements we are making today are forward-looking and are based on our best view of our businesses as we see them today. The actual results could differ materially due to the number of factors, including those outlined in our latest filings, Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission. We have no obligation to publicly update any forward-looking statements after this call, whether as a result of new information, future events, changes in assumptions or otherwise. You can find our press release and our 10-Q referenced on this call in the Investor Relations section of the Live Ventures website. I direct you to our website, liveventures.com or sec.gov for our historical SEC filings.

I will now turn the call over to David to walk through our financial performance.

David Verret

Thank you, Greg. Good afternoon, everyone. Before discussing our financial results, I'd like to touch on a key -- a few key highlights from the quarter. During the quarter, our Retail-Entertainment and Steel Manufacturing segments posted revenue growth, improved operating income and higher adjusted EBITDA. The Retail-Entertainment segment's revenue grew 12.7%, while operating income and adjusted EBITDA increased 33.8% and 28.9%, respectively. The Steel Manufacturing segment's revenue increased 7.3% with operating income and adjusted EBITDA up 68.9% and 16.3%, respectively. These results were partially offset by continued weakness in the Retail-Flooring segment where softness in the new home construction and home refurbishment markets weighed on operating performance.

Let's now discuss the financial results for the third quarter ended June 30, 2026. Revenue decreased approximately $3.6 million or 3.2% to $108.9 million compared to revenue of $112.5 million in the prior year period. Notably, 3 of our 4 operating segments delivered year-over-year growth. Revenue decreased primarily due to a decline of approximately $9 million in the Retail-Flooring segment, partially offset by an increase of approximately $2.4 million in the Retail-Entertainment segment, $1.8 million in the Steel Manufacturing segment and $1.1 million in the Flooring Manufacturing segment.

The Retail-Entertainment segment revenue increased approximately $2.4 million or 12.7% to $21.4 million compared to $19 million in the prior year period. The revenue growth was driven by strong consumer demand across all product lines.

Retail-Flooring segment revenue decreased approximately $9 million or 29.4% to $21.4 million compared to $30.4 million in the prior year period. The decline was primarily driven by lower retail and contractor sales due to continued headwinds in the home and new home construction and home refurbishment markets.

Flooring Manufacturing segment revenue increased approximately $800,000 or 2.8% to $31.8 million compared to $31 million in the prior year period. Revenue net of intercompany eliminations increased approximately $1.1 million compared to the prior year period.

Steel Manufacturing segment revenue increased approximately $2.5 million or 7.3% to $36.3 million compared to $33.8 million in the prior year period. The increase in revenue was primarily driven by higher sales volumes in the fabricated, hardened wear, tool and die businesses, partially offset by lower revenue in the metal forming, assembly and finishing solutions business. Revenue net of intercompany eliminations increased approximately $1.8 million compared to the prior year period.

Gross profit decreased approximately $1.2 million or 3.1% to $37.1 million compared to $38.3 million in the prior year period, driven primarily by lower revenue in the Retail-Flooring segment. Gross margin increased approximately 10 basis points to 34.1%, reflecting improved margins in the Retail-Flooring and Steel Manufacturing segments.

General and administrative expenses increased 5% to approximately $27.6 million. The increase was primarily driven by increased compensation and professional fees in the Retail-Entertainment, Flooring Manufacturing and Corporate segments. These increases were partially offset by lower general and administrative expenses in the Retail-Flooring and Steel Manufacturing segments.

Sales and marketing expenses increased 5.4% to approximately $4.2 million, primarily reflecting higher sales and marketing expense in the Retail-Flooring and Retail-Entertainment segments. Operating income decreased approximately $2.7 million or 34% to $5.3 million compared to $8 million in the prior year period. The decrease was driven by lower gross profit of $1.2 million as well as higher operating expenses previously mentioned. Interest expense was approximately $3.8 million, flat compared to the prior year period.

Income before income taxes was approximately $1.4 million compared to $7.5 million in the prior year period. Net loss was approximately $1.1 million and a loss per share of $0.34 compared to net income of approximately $5.4 million and diluted EPS of $1.24 in the prior year period. The prior year period results benefit from a $1.5 million gain on employee retention credits and a $1.3 million gain on the settlement of a holdback liability related to Precision Marshall.

Adjusted EBITDA decreased approximately 3.9% or -- I'm sorry, $3.9 million or 29.5% to $9.3 million compared to $13.2 million in the prior year period. The decrease in adjusted EBITDA was primarily due to the decrease in revenue.

Turning to liquidity. We ended the second quarter with total cash availability of approximately $39.8 million, consisting of cash on hand of approximately $10.9 million and $28.9 million available for borrowing under our various lines of credit. As of June 30, total assets were $385.8 million and total stockholders' equity was $91.9 million. As a part of our capital allocation strategy, we may make share repurchases from time to time. We currently have approximately $9.5 million remaining available under our $10 million share repurchase program.

In conclusion, our third quarter performance demonstrates the resilience of our diversified operating portfolio. While we continue to navigate challenging conditions in our Retail-Flooring segment, our Retail-Entertainment segment, our Steel Manufacturing segment both delivered solid growth and improved profitability. We remain focused on initiatives to improve performance across our operating segments and drive sustainable value creation over the long term.

We will now take questions from those of you on the conference call. Operator, please open the line for questions.

Operator

[Operator Instructions]

David Verret

Okay. Seeing as there are no questions, I'll go ahead and just give closing remark. I want to thank everyone attending our Q3 fiscal 2026 earnings call, and we look forward to talking with you on our year-end call. Thank you.

Operator

And this does conclude today's conference call. Thank you for attending.