La-Z-Boy: Fiscal 1Q Earnings Snapshot
MONROE, Mich. (AP) _ La-Z-Boy Inc. (LZB) on Tuesday reported fiscal first-quarter net income of $18.1 million.
On a per-share basis, the Monroe, Michigan-based company said it had profit of 38 cents. Earnings, adjusted for non-recurring costs, were 42 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The furniture company posted revenue of $413.6 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $415.7 million.
La-Z-Boy shares have risen 10% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.60, a fall of roughly 6% in the last 12 months.