Conferencia de resultados del tercer trimestre fiscal de 2026 de Live Ventures (LIVE): La debilidad en el segmento de suelos presiona los beneficios

Live Ventures (NASDAQ: LIVE) informó de un descenso en los ingresos y la rentabilidad del tercer trimestre fiscal, ya que la debilidad en el segmento de Venta Minorista de Suelos eclipsó el crecimiento en sus otros tres segmentos operativos.

Puntos clave

• Los ingresos del tercer trimestre fiscal de 2026 disminuyeron un 3,2% interanual hasta los 108,9 millones de dólares, debido principalmente a una disminución de 9 millones de dólares en los ingresos de Venta Minorista de Suelos.
• El beneficio operativo cayó un 34% hasta los 5,3 millones de dólares, mientras que el EBITDA ajustado disminuyó un 29,5% hasta los 9,3 millones de dólares.
• La empresa registró una pérdida neta de 1,1 millones de dólares, o 0,34 dólares por acción, en comparación con un beneficio neto de 5,4 millones de dólares y un BPA diluido de 1,24 dólares en el mismo periodo del año anterior.
• Los ingresos de Venta Minorista de Entretenimiento aumentaron un 12,7% hasta los 21,4 millones de dólares, con un beneficio operativo que subió un 33,8% y un EBITDA ajustado que creció un 28,9%.
• Los ingresos de Fabricación de Acero aumentaron un 7,3% hasta los 36,3 millones de dólares. El beneficio operativo creció un 68,9%, mientras que el EBITDA ajustado se incrementó un 16,3%.
• La liquidez totalizó aproximadamente 39,8 millones de dólares al 30 de junio, e incluía 10,9 millones de dólares en efectivo y 28,9 millones de dólares disponibles en líneas de crédito.

Principales resultados financieros

Los gastos generales y administrativos aumentaron un 5% hasta los 27,6 millones de dólares, lo que refleja mayores costes de remuneración y honorarios profesionales en Venta Minorista de Entretenimiento, Fabricación de Suelos y Corporativo. Los gastos de ventas y comercialización aumentaron un 5,4% hasta aproximadamente 4,2 millones de dólares.

El periodo del año anterior incluyó una ganancia de 1,5 millones de dólares procedente de créditos por retención de empleados y una ganancia de 1,3 millones de dólares relacionada con la liquidación de un pasivo de retención de Precision Marshall.

Rendimiento comercial y operativo

Venta Minorista de Suelos: Los ingresos disminuyeron un 29,4% hasta los 21,4 millones de dólares desde los 30,4 millones de dólares. La directiva atribuyó el descenso a menores ventas minoristas y a contratistas, en un contexto de continuada debilidad en los mercados de construcción de viviendas nuevas y remodelación de viviendas.

Venta Minorista de Entretenimiento: Los ingresos aumentaron un 12,7% hasta los 21,4 millones de dólares, impulsados por la fuerte demanda de los consumidores en todas las líneas de productos. El beneficio operativo y el EBITDA ajustado crecieron un 33,8% y un 28,9%, respectivamente.

Fabricación de Acero: Los ingresos crecieron un 7,3% hasta los 36,3 millones de dólares. El mayor volumen de ventas en los negocios de productos fabricados, resistentes al desgaste y herramientas y troqueles compensó con creces los menores ingresos de las soluciones de conformado, ensamblaje y acabado de metales. El beneficio operativo aumentó un 68,9% y el EBITDA ajustado subió un 16,3%.

Fabricación de Suelos: Los ingresos aumentaron un 2,8% hasta los 31,8 millones de dólares desde los 31 millones de dólares. Los ingresos netos de eliminaciones intercompañía aumentaron aproximadamente 1,1 millones de dólares en términos interanuales.

Al 30 de junio, Live Ventures registró activos totales de 385,8 millones de dólares y un patrimonio neto de los accionistas de 91,9 millones de dólares. Quedaban aproximadamente 9,5 millones de dólares disponibles en su programa de recompra de acciones de 10 millones de dólares.

Riesgos y puntos a vigilar

La continuada debilidad en la construcción de viviendas nuevas y en la remodelación de viviendas sigue siendo la principal presión operativa señalada por la directiva. La debilidad resultante en Venta Minorista de Suelos redujo los ingresos consolidados y el beneficio bruto, a pesar del crecimiento registrado en los otros tres segmentos operativos de la empresa.

Los mayores costes de remuneración, honorarios profesionales y gastos de ventas y comercialización también pesaron sobre el beneficio operativo. La directiva señaló que mantiene su enfoque en mejorar el rendimiento en todos sus segmentos operativos y crear valor sostenible a largo plazo.

Transcripción completa de la conferencia de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

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.