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Haverty Furniture Q4 profit falls 9.3% YOY

Haverty Furniture Cos. Inc. said its normalized net income for the fourth quarter was 42 cents per share, compared with the S&P Capital IQ consensus estimate of 40 cents per share.

EPS decreased 8.5% year over year from 46 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.4 million, a decline of 9.3% from $10.4 million in the year-earlier period.

The normalized profit margin dropped to 4.1% from 4.9% in the year-earlier period.

Total revenue climbed year over year to $216.0 million from $213.1 million, and total operating expenses climbed from the prior-year period to $200.9 million from $196.0 million.

Reported net income totaled $9.3 million, or 41 cents per share, compared to a loss of $10.3 million, or a loss of 46 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled $1.22 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.20.

EPS declined from $1.28 in the prior year.

Normalized net income was $27.8 million, a fall of 5.1% from $29.3 million in the prior year.

Full-year total revenue grew year over year to $805.2 million from $768.7 million, and total operating expenses increased 5.3% on an annual basis to $759.2 million from $721.0 million.

The company said reported net income grew year over year to $27.8 million, or $1.22 per share, in the full year, from $8.5 million, or 37 cents per share.