Haverty Furniture Companies Inc. (NYSE:HVT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.95%.
Haverty Furniture Companies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 122.22% to $0.2 in the quarter versus EPS of $0.09 in the year-earlier quarter.
Revenue: Rose 12.87% to $171.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Haverty Furniture Companies Inc. reported adjusted EPS income of $0.2 per share. By that measure, the company beat the mean analyst estimate of $0.16. It missed the average revenue estimate of $171.55 million.
Quoting Management: Clarence H. Smith, chairman, president and chief executive officer, said, “Our initiatives to improve the productivity of our stores and the efficiency of our operations continue delivering positive results. The execution of our merchandising and marketing strategies increased our average sales ticket and improved store traffic. Housing sales in our regions, a key driver of business, are growing. We believe our financial strength and positioning of the Havertys brand will allow us to outpace our competition as housing and employment improves.”
Key Stats (on next page)…
Revenue decreased 0% from $0 in the previous quarter. EPS decreased 41.18% from $0.34 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.29 and has not changed. For the current year, the average estimate has moved up from a profit of $1.12 to a profit of $1.18 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)