La-Z-Boy (LZB) Shares Plunge as Q4 Results Inline But Execs Seem Cautious Moving Forward
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Price: $33.71 +0.18%
Financial Fact:
Selling, general and administrative: 115.53M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Selling, general and administrative: 115.53M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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La-Z-Boy Inc. (NYSE: LZB) shares are getting punished on Tuesday as execs made cautious remarks with its inline quarterly report from this morning.
The furniture maker reported fiscal fourth-quarter earnings of $13.7 million or 26 cents per share, compared to $5.2 million or 10 cents per share in the same quarter last year. Excluding one-time items, the company earned 23 cents per share in the three month period ended April 24, in line with the market consensus.
Revenue for La-Z-Boy rose to $310.7 million in the period from $284.5 million last year, beating the analyst estimate of $307.65 million. Sales were bolstered by a double-digit increase in the company’s upholstery division.
“Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow,” Kurt L. Darrow, President and Chief Executive Officer of La-Z-Boy, said.
Despite the adequate results, shares of La-Z-Boy are plunging after execs said that the company is seeing some volatility in the cost of raw materials, in addition to other strains on the current economic climate.
"We do remain concerned about the overall macroeconomic environment, which is still plagued by high unemployment, low consumer confidence, and an unstable housing market," Darrow added.
Shares of La-Z-Boy are down 17.18 percent to $10.27 on Tuesday afternoon.
The furniture maker reported fiscal fourth-quarter earnings of $13.7 million or 26 cents per share, compared to $5.2 million or 10 cents per share in the same quarter last year. Excluding one-time items, the company earned 23 cents per share in the three month period ended April 24, in line with the market consensus.
Revenue for La-Z-Boy rose to $310.7 million in the period from $284.5 million last year, beating the analyst estimate of $307.65 million. Sales were bolstered by a double-digit increase in the company’s upholstery division.
“Our results for the quarter and full year reflect the success of the many strategic initiatives implemented over the course of the last several years combined with a focus to ensure our cost structure is in line with order flow,” Kurt L. Darrow, President and Chief Executive Officer of La-Z-Boy, said.
Despite the adequate results, shares of La-Z-Boy are plunging after execs said that the company is seeing some volatility in the cost of raw materials, in addition to other strains on the current economic climate.
"We do remain concerned about the overall macroeconomic environment, which is still plagued by high unemployment, low consumer confidence, and an unstable housing market," Darrow added.
Shares of La-Z-Boy are down 17.18 percent to $10.27 on Tuesday afternoon.
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