Stock Story -
Furniture company La-Z-Boy (NYSE:LZB) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.
La-Z-Boy beat analysts’ revenue expectations by 7.2% last quarter, reporting revenues of $553.5 million, down 1.4% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ earnings estimates and a narrow beat of analysts’ Wholesale revenue estimates.
Is La-Z-Boy a buy or sell going into earnings? Find out by reading the original article on StockStory, it’s free.
This quarter, analysts are expecting La-Z-Boy’s revenue to be flat year on year at $482.2 million, improving from the 20.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.60 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. La-Z-Boy has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.6% on average.
Looking at La-Z-Boy’s peers in the home furnishings segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Mohawk Industries’s revenues decreased 5.1% year on year, missing analysts’ expectations by 1.2%, and Leggett & Platt reported a revenue decline of 7.6%, in line with consensus estimates. Mohawk Industries (NYSE:MHK) traded up 19.3% following the results while Leggett & Platt was also up 1%.
Read the full analysis of Mohawk Industries’s and Leggett & Platt’s results on StockStory.
Growth stocks have been quite volatile since the start of 2024, and while some of the home furnishings stocks have fared somewhat better, they have not been spared, with share prices down 3.2% on average over the last month. La-Z-Boy’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $45 (compared to the current share price of $42.36).
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