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Hooker Furniture stock sitting pretty after earnings beat
Shares in designer brand Hooker Furniture Corp (NASDAQ:HOFT) rose 16% in afternoon trade in New York after fourth quarter numbers beat estimates.
The company said net income for the three months came in at $11mln, or 95 cents a share - up from $4.1 million, or 38 cents a share, in the same period a year ago.
Sales climbed way up to $173.9 million from $60.6 million, boosted by the acquisition of Home Meridian International which closed in February last year.
“Our Hooker Casegoods, Upholstery and Home Meridian segments delivered their strongest performance of the year in the fourth quarter, enabling us to end the year with positive momentum and bring our full-year results in line with internal expectations,” said Paul Toms Jr, chairman and chief executive officer.
“Outstanding fourth quarter results were driven by Home Meridian’s significant backlog at the end of the third quarter, resulting in record shipments in the fourth quarter, along with an excellent fall furniture market and post-market orders at Hooker legacy brands.
“With sales recovering at both Home Meridian and Hooker legacy brands, we demonstrated the significant earnings leverage possible with our asset-light, low fixed cost business model.”
Shares added over 16% to go to $36.65.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176107/hooker-furniture-stock-sitting-pretty-after-earnings-beat-176107.html
