La-Z-Boy Q3 Profit Down; Shares Plunge

(RTTNews) - Home furniture maker La-Z-Boy Inc. (LZB) Tuesday reported third-quarter net income of $16.5 million or $0.31 per share, down from $17.1 million or $0.32 per share last year. Shares of the company plunged 11 percent in extended trading hours.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter grew to $350.4 million from $340.2 million last year. Analysts estimated revenues of $378.7 million for the quarter.

The company declared a dividend of $0.06 per share, which will be paid on March 10 to shareholders of record as of February 28.