RTTNews | Jan 31, 2022 10:49AM EST

10:48 Monday, January 31, 2022 (RTTNews.com) - Shares of Bassett Furniture Industries, Incorporated (BSET) are surging more than 26% Monday morning after the company announced its decision to sell its Zenith Freight Lines for $87 million to J.B. Hunt Transport Services, Inc. The company also reported upbeat results for its fourth quarter.

Bassett expects to close the deal by the end of February.

The company posted net income of $5.04 million or $0.52 per share in the fourth quarter compared with $6.54 million or $0.65 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share.

Sales for the quarter increased 9.7% year-over-year to $129.89 million. The consensus estimate was for $122.47 million.

BSET is at $17.65. It has traded in the range of $13.16- $37 in the past 52 weeks.

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