La-Z-Boy (NYSE:LZB) reported its quarterly earnings results late on Tuesday, bringing in a profit that was below what the business amassed during the same period in its fiscal 2018, while sales were higher than they were during the year-ago period, but failed to meet analysts’ guidance, playing a role in LZB stock sinking after hours.
The Monroe, Mi.-based furniture maker said that for its fourth quarter of its fiscal 2019, it brought in earnings of $1.5 million, or 3 cents per share, which is only a fraction of what it amassed during the year-ago quarter, which came in at $34 million, or 72 cents per share.
La-Z-Boy added that its net income tallied up to $30 million, or 64 cents per share on an adjusted basis when considering one-time items. This was weaker than the company’s profit of 72 cents per share from the same period a year ago.
The company’s adjusted profit of 64 cents per share was in line with the Wall Street consensus estimate of 64 cents per share, according to data compiled by FactSet. Sales came in at $453.8 million during the three-month period for La-Z-Boy, which is 8% higher than it was during the year-ago quarter, while also missing the $457 million from analysts’ outlook, per FactSet.
LZB stock is plummeting more than 9.1% after hours following the company’s quarterly earnings results, which failed to live up to Wall Street’s expectations. Shares had been falling about 1.5% during regular trading hours Tuesday in anticipation of the company’s results.
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