La-Z-Boy Q2 Results Top Wall Street, Shares Jump 10%

(RTTNews) - Shares of La-Z-Boy Inc (LZB) gained 10% in after hours trading on Wednesday after the company's second-quarter results topped Wall Street estimates.

Monroe, Michigan-based La-Z-Boy's second-quarter profit dropped to $20.01 million or $0.42 per share from $22.90 million or $0.47 per share last year.

Excluding items, La-Z-Boy's adjusted earnings for the quarter were $23.00 million or $0.48 per share. Analysts polled by Thomson Reuters estimate earnings of $0.43 per share for the quarter.

The company's revenue for the quarter rose 11.7% to $439.33 million from $393.21 million last year. Analysts had a consensus revenue estimate of $434.04 million.

Sales in the company's Upholstery segment increased 4% to $317.1 million, while Retail segment increased 19.7% to $139.7 million.

CEO Kurt Darrow said, "Solid across-the-board sales increases demonstrate the fundamental strength of our various brands, core manufacturing capabilities and retail business, even as we contend with record-high commodity costs and tariff headwinds."

LZB closed Wednesday's trading at $29.16, up $1.01 or 3.59%, on the NYSE. The stock further gained $2.86 or 9.81% in the after-hours trade.