Shares of La-Z-Boy Inc. (LZB) experienced a noteworthy 4% increase in the extended session on Wednesday following the company's impressive second-quarter earnings report. Not only did La-Z-Boy exceed expectations with its earnings, but it also announced a substantial 10% increase in its dividend.
For the quarter, La-Z-Boy reported earnings of $27 million, equivalent to 63 cents per share. This surpassed the year-ago figures of $46 million, or $1.07 per share. After adjusting for one-time items, the company's earnings reached 74 cents per share, outperforming analysts' estimated adjusted EPS of 62 cents per share.
Although revenue declined by 16% to $511 million, it still aligned with the company's previous guidance for the quarter. Notably, the second quarter of 2022 was bolstered by the release of a pandemic-related backlog in sales.
Chief Executive Melinda D. Whittington expressed her satisfaction with La-Z-Boy's performance despite the challenging macro environment and the ongoing challenges faced by the home-furniture industry. Whittington highlighted the company's continued ability to outperform its competitors.
Moreover, the company's board declared a quarterly cash dividend of 20 cents per share, representing a 10% increase compared to the previous dividend. Shareholders of record on December 11 can expect to receive the dividend on December 18.
La-Z-Boy remains committed to delivering strong results for its investors while navigating a challenging market landscape.
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