NEW YORK (TheStreet) -- La-Z-Boy (LZB) shares are down 5.63% to $26 in after-hours trading on Tuesday after the furniture products manufacturer released its third quarter earnings results after the closing bell today.

The Monroe, MI-based company reported quarterly net income of $17.9 million, or 33 cents per diluted share on an adjusted basis, on revenue of $357.9 million. Analysts on average were expecting the company to report earnings of 38 cents per share on revenue of $368 million.

The company said that it plans to move forward with its plan to increase its penetration in the North American market by building more stores despite this quarter's disappointing results.

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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 multiple 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, expanding profit margins, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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