LL Flooring (LL) Tops Q3 EPS by 44c, Revenues Beat; 'Lumber Liquidators' Changes Name to 'LL Flooring'

Lumber Liquidators (NYSE: LL) reported Q3 EPS of $0.67, $0.44 better than the analyst estimate of $0.23. Revenue for the quarter came in at $296 million versus the consensus estimate of $275.72 million.

"We are very pleased with our strong third quarter results, underscored by our continued execution against our transformation plan and industry strength as we saw customers display a healthy appetite for home improvement projects," said President and Chief Executive Officer Charles Tyson. "Our team has executed well against our four strategic pillars: people and culture, improving customer experience, driving traffic and transactions, and improving profitability, which drove a robust comp of 10.9%, a $16 million increase in Net Income, and a $25 million increase in Adjusted Operating Income compared to the prior year. We would like to thank our associates for their agility and dedication throughout the quarter to deliver these impressive results."

"Our sales trends strengthened as we saw sequential improvement in our Pro and Install customers from the second to the third quarter, driven by increased willingness from customers to allow contractors into their homes for home improvement and installation projects. Our focus on liquidity over the past several months has allowed us to build a strong liquidity position to navigate the current COVID-19 environment. We are purposefully executing our transformation plan and believe all of our actions are repositioning the Company for long-term success. There remains a good deal of uncertainty in this operating environment, but we are confident in our strategy."

2020 Outlook

As previously announced on April 20, 2020, the Company withdrew its annual financial guidance that was initially provided on February 25, 2020. The uncertainty surrounding the duration and extent of the impact of COVID-19 makes it uniquely challenging to accurately forecast future financial performance, and as such, the Company is not providing financial guidance.

For earnings history and earnings-related data on Lumber Liquidators (LL) click here.

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