La-Z-Boy Inc (LZB), a vertically integrated retailer and manufacturer of custom furniture, reported lower profit in its third quarter, despite increased sales from last year. Further, the company issued fourth-quarter sales view, below market estimates.
In the after-hours trading, the shares lost 8.04 percent to $34.88, after closing Tuesday's regular trading 1.1 percent lower at $37.93.
In the third quarter, net income attributable to the company fell 24 percent to $21.65 million from last year's $28.43 million. Earnings per share dropped to $0.52 from $0.68 a year ago.
Adjusted net income attributable was $25.10 million or $0.61 per share, compared to $28.62 million or $0.68 per share last year.
Sales, however, grew 4 percent to $541.59 million from prior year's $521.78 million, with growth in Retail and Wholesale business was partially offset by lower delivered volume in Joybird business.
Further, the Board of Directors declared a quarterly cash dividend of $0.242 per share on the common stock of the company. The dividend will be paid on March 13, to shareholders of record on March 3.
Looking ahead for the fourth quarter, the company projects sales to be in the range of $560 million to $580 million and adjusted operating margin to be in the range of 7.5%-9.0%.
The Wall Street analysts on average expect the company to report sales of $590.16 million. Analysts' estimates typically exclude special items.
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