LSI Industries, Inc. (NASDAQ:LYTS) Q3 2024 Earnings Conference Call April 25, 2024 11:00 AM ET
Company Participants
James Galeese - CFO & EVP
James Clark - CEO & Director
Conference Call Participants
Aaron Spychalla - Craig-Hallum
Sameer Joshi - H.C. Wainwright & Co.
Leanne Hayden - Canaccord Genuity Group
Operator
Greetings. Welcome to the LSI Industries Fiscal 2024 Third Quarter Results Conference Call. [Operator Instructions]. I will now turn the conference over to your host, Jim Galeese, Chief Financial Officer. You may begin.
James Galeese
Welcome, everyone, and thank you for joining. We issued a press release before the market opened this morning detailing our fiscal '24 third quarter results. In addition to this release, we also posted a conference call presentation in the Investor Relations section of our corporate website. Information contained in this presentation will be referenced throughout today's conference call, included are certain non-GAAP measures for improved transparency of our operating results. Our complete reconciliation of GAAP and non-GAAP results is contained in our press release and 10-Q.
Please note that management's commentary and responses to questions on today's conference call may include forward-looking statements about our business outlook. Such statements involve risks and opportunities, and actual results could differ materially. I refer you to our Safe Harbor statement, which appears in this morning's press release, for more details.
Today's call will begin with remarks summarizing our fiscal third quarter results. At the conclusion of these prepared remarks, we will open the line for question.
With that, I'll turn the call over to LSI President and Chief Executive Officer, Jim Clark.
James Clark
Thank you, Jim, and good morning, all. Thank you for joining us on today's call. It's truly hard to believe, but we're closing out our third quarter of fiscal year 2024 and well into our fourth quarter as we speak today. We are just over two months away from the end of our fiscal year 2024, and we've just begun developing our operating plans for 2025. Things have been busy, and the LSI team continues to execute well.
Working through the second half of the year, we are still facing some ongoing headwinds related to the current pause in our grocery vertical. Despite these challenges, total sales for the third quarter were down only 8%, while adjusted net income was up 14% on a year-over-year basis. These results demonstrate and underline the resiliency of the management team to operate the company with a continued focus on execution and earnings while being fully prepared to capitalize on developing opportunities.