Haverty Furniture Beats Big on the Bottom Line

Furniture maker Haverty (NYSE: HVT  ) reported third-quarter results yesterday after the markets closed, showing that it posted net sales of $192.7 million, a healthy 11% increase from the same period in the previous year, and well ahead of the $186.9 million Capital IQ consensus estimate.

Net income also came in higher at $9.5 million, or $0.42 per share, almost triple the $3.3 million, or $0.15 per share, in the same period in 2012, and it was $0.09-per-share better than the CapIQ estimates of $0.33 per share.

Haverty is counting on continued improvements in employment and housing to fuel further gains going forward.

The furniture maker says its written business for Q4 2013 is up about 5.6% over the 16.7% increase it achieved last year, but it expects selling square footage to be down for all of 2013 due to three store closings earlier this year. For next year, however, Haverty expects selling square footage to increase approximately 3% because it will open three new locations. Analysts anticipate Haverty will post earnings of $0.37 per share in the fourth quarter on revenues of $194.2 million.

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