MONROE, Mich. (AP) – La-Z-Boy Inc. (LZB) on Tuesday reported fiscal third-quarter net income of $34.5 million.
The Monroe, Michigan-based company said it had net income of 74 cents per share. Earnings, adjusted for non-recurring gains, came to 72 cents per share. The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share. The furniture company posted revenue of $475.9 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $480.1 million. La-Z-Boy shares have increased 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $32.50, an increase of 3.5% in the last 12 months.