La-Z-Boy Incorporated Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 27, 2018; Provides Capex and Effective Tax Rate Guidance for the Fiscal Year 2018; Provides Effective Tax Rate Guidance for the Fiscal Year 2019
February 20, 2018 at 07:10 pm EST
Share
La-Z-Boy Incorporated reported unaudited consolidated earnings results for the third quarter and nine months ended January 27, 2018. For the quarter, the company reported sales of $413,638,000 compared to $389,992,000 a year ago. Operating income was $33,095,000 compared to $33,572,000 a year ago. Income before income taxes was $32,332,000 compared to $33,472,000 a year ago. Net income attributable to the company was $12,109,000 or $0.25 per diluted share compared to $23,286,000 or $0.47 per diluted share a year ago. During the quarter, the company generated $40.0 million in cash from operating activities. During the quarter, the company had $7.8 million in capital expenditures
For the nine months period, the company reported sales of $1,163,922,000 compared to $1,107,354,000 a year ago. Operating income was $83,662,000 compared to $89,888,000 a year ago. Income before income taxes was $84,124,000 compared to $88,263,000 a year ago. Net income attributable to the company was $46,656,000 or $0.96 per diluted share compared to $57,925,000 or $1.16 per diluted share a year ago. Net cash provided by operating activities was $91,200,000 compared to $93,014,000 a year ago. Capital expenditures were $24,138,000 compared to $15,529,000 a year ago.
The company provided CapEx and effective tax rate guidance for the full year of 2018. The current estimate for total CapEx spend for the year 2018 is in the range of $45 million to $50 million. The company is currently estimating fiscal 2018 effective tax rate to be about 32%, absent any discrete adjustments.
Effective tax rate for fiscal 2019 is currently estimated to be in the range of 25% to 26%.
La-Z-Boy Incorporated is a global producer of reclining chairs and the manufacturer/distributor of residential furniture in the United States. The Company manufactures, markets, imports, exports, distributes and retails upholstery furniture products under the La-Z-Boy, England, Kincaid, and Joybird tradenames. Its segments include the Wholesale segment and the Retail segment. The Wholesale segment manufactures and imports upholstered and casegoods (wood) furniture and sells directly to La-Z-Boy Furniture Galleries stores, operators of La-Z-Boy Comfort Studio locations, branded space locations, England Custom Comfort Center locations, dealers, and a cross-section of other independent retailers. The Retail segment primarily sells upholstered furniture, in addition to some casegoods and other accessories to end consumers through its Company-owned La-Z-Boy Furniture Galleries stores. The Company sells its products through multiple channels to furniture retailers or distributors.
La-Z-Boy Incorporated Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 27, 2018; Provides Capex and Effective Tax Rate Guidance for the Fiscal Year 2018; Provides Effective Tax Rate Guidance for the Fiscal Year 2019
LA-Z-BOY INCORPORATED 
