La-Z-Boy Earnings: LZB Stock Gained on Q3 Profit Beat

La-Z-Boy (NYSE:LZB) posted its latest results for the most recent quarter and the company’s revenue was stronger than what analysts were calling for, while its profit also topped the mark, helping to lift LZB stock late in the afternoon Tuesday.

La-Z-Boy EarningsThe furniture maker, based out of Monroe, Mich., said that it had a third quarter with profit of $28.7 million, roughly 61 cents per share. The figure marked a 133.3% improvement over the $12.3 million, or 25 cents per share the company had brought in during the same period a year ago.

On an adjusted basis, La-Z-Boy raked in earnings of 63 cents per share, which was more than twice the 25 cents per share it had garnered during the same period in its fiscal 2018. Wall Street was projecting for the company to bring in earnings of 55 cents per share, according to the average estimate of three analysts who were surveyed by Zacks Investment Research.

For the period, the company also brought in sales of $467.6 million, or almost 13% more than the $414 million it tallied up at the end of its third quarter of the previous year. A survey of three analysts who were surveyed by Zacks were calling for sales of $457.2 million.

LZB stock was surging roughly 3.7% after hours on Tuesday thanks in part to a profitable third quarter that exceeded what analysts were projecting. Shares had been increasing 2.6% during regular trading as the company got ready to announce how it did for the period.

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