Shares of furniture maker La-Z-Boy Incorporated (LZB) are rising more than 7% Wednesday morning after reporting stronger-than-expected second-quarter results.
The stock touched a new high of $42.35 this morning.
Adjusted EPS of $0.82 per share beat the average estimate of analysts polled by Thomson Reuters at $0.5 per share.
Sales for the quarter increased 2.7% year-over-year to $459.1 million, thanks to increased demand.
La-Z-Boy expects sales growth in the third quarter of flat to 4% above the prior year’s all-time record-high third quarter.
The company anticipates fourth-quarter sales growth to be in the range of 40% to 45% versus the prior-year quarter. The consensus estimate is for 13.2% growth.
Also, The company’s Board declared a quarterly cash dividend of $0.14 per share payable December 15, to shareholders of record as of December 2. This returns the dividend to the full quarterly amount paid prior to the company’s suspension of dividends as part of its COVID-19 Action Plan.
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