Low Expectations For La-Z-Boy's Q4 After The Bell

La-Z-Boy Inc.

is expected to post a big charge for its fiscal fourth quarter later today, suggesting a messy first look at its report. Shares of the furniture-maker traded near a 53-week low Monday, before rebounding somewhat to Tuesday's afternoon level of $24.37, up 3.13 percent. The pending restructuring charge, mainly for shuttering a North Carolina furniture factory, was advertised in April by the company in the range of $13 million to $15 million, or 15 cents to 17 a share, with most of it expected in the fourth quarter. "We have low expectations," Barrington analyst Kristine Koerber said in a research note. Koerber nonetheless rates the stock a Buy, citing recent price weakness and her expectations for continued gains in gross margin, driven by improved product mix and operating efficiencies. Analysts on average expect adjusted earnings of 32 cents a share, on revenue of $368.12M. Year-earlier earnings were 34 cents a share, on revenue of $359.54 million.