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La-Z-Boy beats 3Q profit forecasts

MONROE, Mich. (AP) _ La-Z-Boy Inc. (LZB) on Tuesday reported fiscal third-quarter net income of $23.3 million.

On a per-share basis, the Monroe, Michigan-based company said it had net income of 47 cents.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The furniture company posted revenue of $390 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $391.5 million.

La-Z-Boy shares have fallen 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $29.45, an increase of 20 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LZB at https://www.zacks.com/ap/LZB

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Keywords: La-Z-Boy, Earnings Report