Why La-Z-Boy Shares Are Booming Today

La-Z-Boy Inc. LZB shares are trading higher on Wednesday after the company reported better-than-expected third-quarter results.

What Happened: On Tuesday after market closure, La-Z-Boy announced financial results for the third quarter ending Jan. 28, 2023, beating analyst expectations.

The Details: The company reported quarterly earnings of $0.91 per share, beating the analyst consensus estimate of $0.66 per share, representing a positive earnings surprise of 37.88%. Additionally, La-Z-Boy reported sales of $572.72 million, beating the analyst consensus estimate of $529.57, representing a positive earnings surprise of 8.15%.

The company also provided guidance for the fourth quarter, stating that it expects sales in the range of $525 million-$545 million and operating margin to be in the range of 7%-9%.

Melinda Whittington, president and CEO of La-Z-Boy, said, "We again delivered excellent results driven by productivity gains throughout our supply chain and superb performance in our company-owned Retail segment.”

La-Z-Boy is one of the world's leading residential furniture producers, marketing furniture for every room of the home.

See Also: Why Luminar Technologies Stock Is Skyrocketing Today

According to data from Benzinga Pro, La-Z-Boy shares were up 18.7%, trading at $32.69 at the time of publication. The stock has a 52-week high of $31.19 and a 52-week low of $21.92.

Photo: Mike Mozart from Flickr.