La-Z-Boy Incorporated (NYSE:LZB) shares are trading higher on Thursday after the company reported better-than-expected second-quarter financial results, issued third-quarter guidance and boosted its quarterly cash dividend.
What To Know: La-Z-Boy reported its earnings results on Wednesday after the close of the market. The company reported quarterly adjusted earnings of 74 cents per share, beating analyst expectations of 62 cents, a 29.52% decrease over earnings of $1.05 per share from the same period last year.
The company reported quarterly sales of $511.44 million which exceeded the analyst consensus estimate of $502.33 million, representing a 16.34% decrease over sales of $611.33 million the same period last year.
La-Z-Boy anticipates third-quarter sales to be between $515 million and $535 million, versus the consensus estimate of $533.06 million.
Also, the company raised its quarterly cash dividend from 18 cents to 20 cents per share, an increase of 10%.
Shares of La-Z-Boy stock rose by over 10% on Thursday in response to the earnings news.
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LZB Price Action: Shares of LZB were up 10.0% at $34.87 at the time of writing, according to Benzinga Pro.
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