Why Haverty Furniture Shares Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Haverty Furniture were up 10% today after the company posted a solid earnings report.
So what: Haverty's fourth-quarter results showed $182.3 million in revenue and $0.30 in earnings per share. The company posted an 8.4% growth in net sales for the quarter and 6% increase in same-store sales. For the full year, Haverty's revenue clocked in at $670 million, and its full-year EPS was $0.76. The company managed a 7.9% increase in net sales for the full year, and a vague report on quarter-to-date progress for 2013 shows a roughly 14% gain in both orders and delivered sales over the year-ago quarter. The results prompted analyst Budd Bugatch to raise his price target to $20, as it had previously been set at a level Haverty broke through today.
Now what: Haverty is making consistent strides forward and is yet another company benefiting from renewed strength in the housing market. The stock's 1% dividend yield doesn't hurt, either.
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Editor's note: A prior version of this article mentioned a special dividend. Haverty Furniture gave out a special dividend in the fourth quarter of 2012, not the current quarter. The Fool regrets the error.
The article Why Haverty Furniture Shares Popped originally appeared on Fool.com.Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter, @TMFBiggles, for more insight into markets, history, and technology. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.