Haverty Furniture Companies Earnings: Here’s Why the Stock is Falling Now
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)…