LL Earnings: Lumber Liquidators Stock Tanks on Disappointing Q3 Sales

Lumber Liquidators stock was falling on Tuesday following the release of its earnings report for the third quarter of 2018.

LL Earnings: Lumber Liquidators Stock Tanks on Disappointing Q3 Sales

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Lumber Liquidators’ (NYSE:LL) reported revenue of $270.47 million for the third quarter of the year. This is an increase over the company’s revenue of $257.19 million that was reported in the third quarter of 2017. However, it was a blow to Lumber Liquidators stock by missing Wall Street’s revenue estimate of $281.87 million for the period.

Lumber Liquidators also reported earnings per share of 27 cents for the third quarter of 2018. This is up from the company’s earnings per share of 12 cents from the same time last year. It also beat out analysts’ earnings per share estimate of 18 cents for the quarter, but couldn’t save Lumber Liquidators stock.

Net income reported by Lumber Liquidators for the third quarter of the year came in at $5.92 million. This is a major improvement over the flooring company’s net loss of $18.92 million from the third quarter of the previous year.

During the third quarter of 2018, Lumber Liquidators reported operating income of $6.70 million. The company reported an operating loss of $17.28 million during the same period of the year prior.

Lumber Liquidators also updated its outlook for the full year of 2018 in its most recent earnings report. The company says that it is now expecting revenue growth for the year to be in the mid to single upper digits. It was previously just expecting revenue growth in the mid single digits. Wall Street is looking for revenue of $1.11 billion for 2018.

LL stock was down 6% as of noon Tuesday and is down 59% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/10/lumber-liquidators-stock-tanks-on-q3-sales/.

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