La-Z-Boy Q2 Results Beat Street View; Shares Up 8%

(RTTNews) - Shares of La-Z-Boy Incorporated (LZB) jumped over 8% in extended session Tuesday after the furniture maker's second-quarter results trumped Wall Street estimates.

Net income for the second quarter increased to $39.5 million or $0.89 per share from $34.9 million or $0.75 per share last year.

Adjusted earnings for the quarter were $0.85 per share, up from $0.82 per share last year.

Second-quarter sales increased 25% to $575.9 million from $459.1 million last year, reflecting ongoing capacity increases and pricing and surcharge actions.

Analysts polled by Thomson Reuters expected earnings of $0.73 per share on revenues of $540.04 million for the quarter.

The Board of Directors declared a quarterly cash dividend of $0.165 per share, an increase of 10% over the prior quarter. The dividend will be paid on December 15, 2021, to shareholders of record on December 2, 2021.

LZB closed Tuesday's trading at $37.39, up $0.35 or 0.94%, on the NYSE. The stock further gained $40.50, up $3.11 or 8.32%, in after hours.