La-Z-Boy Q4 Profit Up, But Revenue Misses Street

(RTTNews) - Furniture maker La-Z-Boy Inc. (LZB), Tuesday reported an increase in profit for the fourth quarter, helped by growth in sales and margins, with earnings coming in line with Wall Street estimates. However, La-Z-Boy shares declined about 5 percent in after-hours trade, as revenues missed expectations.

Monroe, Michigan-based company La-Z-Boy's fourth-quarter profit rose to $20.2 million or $0.39 per share from $12.2 million or $0.23 per share last year.

Excluding one-time items, adjusted earnings for the quarter rose to $0.38 per share from $0.33 per share a year ago. Analysts polled by Thomson Reuters estimated earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude one-time items.

La-Z-Boy's sales for the fourth quarter grew 6.2 percent to $374.94 million from $353.02 million a year ago. Analysts had a consensus revenue estimate of $379.13 million for the quarter.

Within the company's wholesale segment, upholstery sales climbed 6.9 percent to $305.3 million, while casegoods dropped 4.9 percent to $25.9 million.

Operating margin for the quarter improved to 7.9 percent from 6.4 percent last year.

LZB closed Tuesday's trading at $27.16, up $0.47 or 1.76%, on the NYSE. The stock, however, dropped $1.21 or 4.46% in the after-hours trade.