Ethan Allen Interiors Inc. (ETH) Wednesday reported an increase in profit for the first quarter, helped mainly by improved margins.
Net income for the quarter increased to $10.1 million or $0.35 per share from $6.8 million or $0.23 per share in the same period last year.
Adjusted earnings were $11.1 million or $0.38 per share, compared to $7.2 million or $0.25 per share last year.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.29 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $187.4 million, up from $184.9 million last year. Analysts expected revenues of $190.87 million.
Gross margin was 55.6 percent, compared to 52.9 percent last year.
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