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Lumber Liquidators swings to loss in Q4

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Lumber Liquidators swings to loss in Q4

Lumber Liquidators Holdings Inc. said its fourth-quarter normalized net income came to a loss of 18 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 20 cents per share.

The per-share result swung to a loss from the prior-year profit of 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.9 million, compared with income of $17.8 million in the year-earlier period.

The normalized profit margin fell to negative 3.8% from 6.5% in the year-earlier period.

Total revenue fell 13.7% year over year to $234.8 million from $272.0 million, and total operating expenses came to $242.5 million, compared with $243.3 million in the prior-year period.

Reported net income came to a loss of $19.8 million, or a loss of 73 cents per share, compared to income of $17.5 million, or 64 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 86 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 45 cents.

EPS was $2.36 in the prior year.

Normalized net income was a loss of $23.2 million, compared with income of $64.7 million in the prior year.

Full-year total revenue declined 6.6% on an annual basis to $978.8 million from $1.05 billion, and total operating expenses grew 7.7% on an annual basis to $1.02 billion from $943.3 million.

The company said reported net income totaled a loss of $56.3 million, or a loss of $2.08 per share, in the full year, compared with income of $63.5 million, or $2.31 per share, the prior year.