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 (NYSE: HVT ) 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. A special dividend of $22 million ($1.04 per share, or an additional 5.7% yield) also excited investors today, so it's quite possible that shares will drop soon after dividend-seekers have had their fill. You might take this as an opportunity to earn a respectable payout, or wait until the ex-dividend date to revisit.
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