Teleconferência de Resultados do 3º Trimestre Fiscal de 2026 da Live Ventures (LIVE): Fraqueza no Segmento de Pisos Pressiona o Lucro

A Live Ventures (NASDAQ: LIVE) registrou receita e lucratividade menores no terceiro trimestre fiscal, já que a fraqueza no segmento de Varejo de Pisos superou o crescimento em seus outros três segmentos operacionais.

Principais Destaques

• A receita do terceiro trimestre fiscal de 2026 caiu 3,2% em relação ao ano anterior, para US$ 108,9 milhões, devido principalmente a um recuo de US$ 9 milhões na receita de Varejo de Pisos.
• O lucro operacional caiu 34%, para US$ 5,3 milhões, enquanto o EBITDA ajustado diminuiu 29,5%, para US$ 9,3 milhões.
• A empresa registrou prejuízo líquido de US$ 1,1 milhão, ou US$ 0,34 por ação, em comparação com um lucro líquido de US$ 5,4 milhões e LPA diluído de US$ 1,24 no mesmo período do ano anterior.
• A receita de Varejo de Entretenimento subiu 12,7%, para US$ 21,4 milhões, com o lucro operacional avançando 33,8% e o EBITDA ajustado registrando alta de 28,9%.
• A receita de Fabricação de Aço aumentou 7,3%, para US$ 36,3 milhões. O lucro operacional subiu 68,9%, enquanto o EBITDA ajustado avançou 16,3%.
• A liquidez totalizou aproximadamente US$ 39,8 milhões em 30 de junho, incluindo US$ 10,9 milhões em caixa e US$ 28,9 milhões disponíveis em linhas de crédito.

Principais Resultados Financeiros

As despesas gerais e administrativas aumentaram 5%, para US$ 27,6 milhões, refletindo salários e honorários profissionais mais elevados em Varejo de Entretenimento, Fabricação de Pisos e Corporativo. As despesas de vendas e marketing subiram 5,4%, para aproximadamente US$ 4,2 milhões.

O período do ano anterior incluiu um ganho de US$ 1,5 milhão proveniente de créditos de retenção de funcionários e um ganho de US$ 1,3 milhão relacionado à liquidação de um passivo de retenção da Precision Marshall.

Desempenho Operacional e dos Negócios

Varejo de Pisos: A receita recuou 29,4%, para US$ 21,4 milhões, ante US$ 30,4 milhões. A administração atribuiu a queda às menores vendas no varejo e para empreiteiros, em meio à contínua fraqueza nos mercados de construção de novas residências e reforma de imóveis.

Varejo de Entretenimento: A receita aumentou 12,7%, para US$ 21,4 milhões, impulsionada pela forte demanda dos consumidores em todas as linhas de produtos. O lucro operacional e o EBITDA ajustado subiram 33,8% e 28,9%, respectivamente.

Fabricação de Aço: A receita cresceu 7,3%, para US$ 36,3 milhões. Volumes de vendas maiores nos negócios de peças fabricadas, resistência ao desgaste por endurecimento e ferramentas e matrizes compensaram com folga a menor receita de soluções de conformação metálica, montagem e acabamento. O lucro operacional aumentou 68,9% e o EBITDA ajustado subiu 16,3%.

Fabricação de Pisos: A receita subiu 2,8%, de US$ 31 milhões para US$ 31,8 milhões. A receita líquida de eliminações intercompanhias aumentou cerca de US$ 1,1 milhão na comparação anual.

Em 30 de junho, a Live Ventures registrou ativos totais de US$ 385,8 milhões e patrimônio líquido de US$ 91,9 milhões. Aproximadamente US$ 9,5 milhões permaneciam disponíveis em seu programa de recompra de ações de US$ 10 milhões.

Riscos e Pontos de Atenção

A contínua fraqueza na construção de novas residências e na reforma de imóveis continua sendo a principal pressão operacional citada pela administração. A fraqueza decorrente no segmento de Varejo de Pisos reduziu a receita consolidada e o lucro bruto, apesar do crescimento nos outros três segmentos operacionais da empresa.

Despesas mais elevadas com salários, honorários profissionais e vendas e marketing também pesaram sobre o lucro operacional. A administração afirmou que permanece focada em melhorar o desempenho em seus segmentos operacionais e em criar valor sustentável de longo prazo.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.