La-Z-Boy stock gains 5% after company's earnings beat, dividend increase

Shares of La-Z-Boy Inc. (LZB) rose 4% in the extended session Wednesday after the company reported second-quarter earnings above expectations and increased its dividend by 10%. La-Z-Boy earned $27 million, or 63 cents a share, in the quarter, compared with $46 million, or $1.07 a share, in the year-ago period. Adjusted for one-time items, the company earned 74 cents a share. Analysts polled by FactSet were looking for an adjusted EPS of 62 cents a share. Revenue fell 16% to $511 million, on the high end of the company's guidance provided last quarter. The second quarter of 2022 benefited from sales of a pandemic-related backlog, the company said. FactSet consensus for revenue hovered at $502 million. "In spite of a challenging macro environment and the continued soft home-furniture industry, La-Z-Boy Inc. continues to outperform," Chief Executive Melinda D. Whittington said in a statement. The company also said its board has declared a quarterly cash dividend of 20 cents a share, a 10% increase over the previous dividend. The dividend will be paid on Dec. 18 to shareholders of record on Dec. 11, La-Z-Boy said.

-Claudia Assis

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11-29-23 1724ET

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