Lumber Liquidators posts 4Q loss after legal settlements of formaldehyde case
Lumber Liquidators Holdings Inc (NYSE:LL) dropped Monday after reporting a fourth-quarter loss on the back of settling charges related to excessive levels of formaldehyde in its laminate flooring.
The company reported a total of $61 million in settlements with the US Attorney’s Office for the Eastern District of Virginia, the Justice Department and the Securities and Exchange Commission. Last week, Toano, Virginia-based Lumber Liquidators agreed to pay a total of $33 million in a settlement with the SEC.
Shares of Lumber Liquidators declined 7.6% to $9.40 in Monday’s New York trading.
READ: Lumber Liquidators shares drop after disappointing earnings
For the fourth quarter, the company posted on Monday a net loss of $1.99 per diluted share on net sales of $268.9 million, which was up 3.5% from a year earlier. The average forecast of analysts was for net income of $0.12 per share on net sales of $272.54 million.
“2018 was a year of transformation for Lumber Liquidators, during which we executed on our growth initiatives, put significant legacy legal issues behind us and laid the groundwork to position us for long-term success,” CEO Dennis Knowles said in a statement.
The Justice Department, the company said in a March 12 statement, noted that employees involved in wrongdoing either were terminated or resigned from the company and that the company replaced its executive management team “with experienced executives who have displayed a commitment to building an ethical corporate culture.”
The allegations against Lumber Liquidators were examined in a “60 Minutes” report on CBS.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/216656/lumber-liquidators-posts-4q-loss-after-legal-settlements-of-formaldehyde-case-216656.html
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