La-Z-Boy Incorporated (LZB), a global furniture products company yesterday reported their fiscal fourth quarter 2017 financial results. The company reported fourth quarter profits of $28 million.

LZB  reported fourth quarter earnings of $0.57 per share which beat analyst expectations of $0.46 per share. La-Z-Boy reported fourth quarter revenues of $412.7 million which beat analyst expectations of $401.1 million   

La-Z-Boy Incorporated CEO’s  Comments

Kurt L. Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy, said, “We delivered a strong finish to fiscal 2017 with our earnings performance demonstrating the increasing traction and momentum of our ongoing strategic initiatives and results of our ability to leverage operating platform efficiencies.  In fiscal 2017, we increased our gross margin, recorded our highest consolidated operating margin in more than a decade, and generated $146.2 million in cash from operating activities.  Throughout fiscal 2017, we made strategic investments to drive long-term growth, returned $57 million to shareholders through dividends and share purchases, and ended the year with a strong balance sheet.  As we begin fiscal 2018, we are well positioned to make the ongoing investments necessary to compete and win in a dynamic marketplace and drive sustainable profitability and returns to shareholders.”  Globe Newswire

LZB Technical Analysis

(Click on image to enlarge)

LZB opened trading yesterday at $27.20 which was down from the previous day’s trading close of $27.25. LZB closed trading yesterday at $26.20 and spiked up after market to $29.50, equivalent to a 13% increase from the closing price. Taking a look at the daily chart we can see the last time LZB traded above these levels we have to go back to February 10th when it traded at  $29.66.

Taking a closer look at the daily chart we can see that before the spike up LZB had been in an overall downward trend dating back to December 9th, 2016 when it traded at $32.54. LZB has a float of 47.8 million shares and traded 1.88 times the normal daily trading volume on Tuesday.