NEW YORK (TheStreet) -- Shares of La-Z-Boy Inc. (LZB) are gaining by 5.62% to $23.85 in after-hours trading on Tuesday, following the company's fiscal 2015 second quarter earnings results, which increased year-over-year, and surpassed analysts' expectations.
For the most recent quarter the global producer of reclining chairs and other furniture said income from continuing operations was $19.2 million, or 36 cents per diluted share, compared to $17.2 million, or 32 cents per diluted share for the fiscal 2014 second quarter.
Adjusted net income was 36 cents per share versus 31 cents per share for the year ago quarter.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Analysts were expecting La-Z-Boy to post earnings of 34 cents for the latest quarter.
Consolidated sales for the fiscal 2015 second quarter grew by 3.8% to $365.6 million, although analysts were expecting $375.68 million for the quarter.
Additionally, La-Z-Boy announced it is increasing its quarterly dividend by 33% to 8 cents per share, which will be paid to shareholders on Dec. 10.
Separately, TheStreet Ratings team rates LA-Z-BOY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate LA-Z-BOY INC (LZB) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, increase in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."