HomeMarket NewsSmall CapsLa-Z-Boy Revels in Market Victory with Positive Fiscal Report

La-Z-Boy Revels in Market Victory with Positive Fiscal Report

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La-Z-Boy Incorporated LZB saw its shares ascend on Thursday following the release of second-quarter financial results that outperformed expectations, accompanied by third-quarter guidance and a surge in quarterly cash dividend.

The Fiscal Feat: The company’s earnings report delivered on Wednesday after market closure showed quarterly adjusted earnings of 74 cents per share, surpassing analyst projections of 62 cents, marking a 29.52% decline from last year’s $1.05 per share earnings.

Quarterly sales amounted to $511.44 million, surpassing the analyst consensus of $502.33 million, marking a 16.34% dip from the $611.33 million reported during the same period the previous year.

La-Z-Boy anticipates third-quarter sales to fall within the range of $515 million to $535 million, as opposed to the consensus estimate of $533.06 million.

Additionally, the company lifted its quarterly cash dividend from 18 cents to 20 cents per share, representing a 10% increase.

La-Z-Boy’s stock surged over 10% on Thursday in response to the bullish fiscal report.

Related Link: Xbox Exec: β€˜Instead Of Writing Thousands Of Lines, Just Let AI Get You From A To B’

LZB Price Action: Shares of LZB were up 10.0% at $34.87 at the time of writing, according to Benzinga Pro.

Image by StockSnap from Pixabay

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