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Haverty Furniture profit holds mostly steady YOY in Q1

Haverty Furniture Cos. Inc. said its normalized net income for the first quarter came to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

In the prior-year period, the per-share result was a profit of 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.2 million, compared with $6.2 million in the prior-year period.

The normalized profit margin declined to 3.2% from 3.4% in the year-earlier period.

Total revenue grew 5.3% on an annual basis to $191.4 million from $181.8 million, and total operating expenses climbed 5.5% from the prior-year period to $181.0 million from $171.6 million.

Reported net income totaled $6.2 million, or 27 cents per share, compared to $6.2 million, or 27 cents per share, in the prior-year period.