La-Z-Boy earnings (NYSE:LZB) came in well ahead of what analysts were calling for for the company’s latest quarter, sending LZB stock soaring more than 10% late in the day on Wednesday.
The Monroe-Mich.-based furniture maker and distributor said that for its second quarter of its fiscal 2019, it brought in a profit of $20 million, or 42 cents per share. The company added that this came in at 48 cents per share on an adjusted basis when considering non-recurring costs.
La-Z-Boy earnings were better than what the Wall Street consensus estimate called for as the average outlook of three analysts who were surveyed by Zacks Investment Research was for the furniture manufacturer to bring in a profit of 43 cents per share.
The company added that its sales for its second quarter tallied up to $493.3 million, which was also stronger than what analysts were calling for. The Wall Street consensus estimate of three analysts who were surveyed by Zacks was for revenue of $432.2 million.
LZB stock is up more than 10.7% after the bell on Wednesday as the company reported its latest quarterly earnings results, which came in well ahead of what analysts were calling for on both the profit and revenue fronts. The company’s stock had increased by nearly 3.6% during regular trading hours as the company prepared itself to report for its second quarter of its fiscal 2019.
