FBI raises 1Q earnings guidance
By Furniture Today Staff -- Furniture Today, March 7, 2004
ST. LOUIS — Furniture Brands International has raised its first-quarter earnings guidance, citing stronger-than-expected orders.
The industry's largest manufacturer projects earnings will be 55 cents to 57 cents per share, up from previous guidance of 50 cents to 53 cents. In the first quarter of last year, it posted net income of $29 million or 52 cents per share.
"In January, we said order trends had showed strength at each of our operating companies through the fourth quarter and into January of this year," said Mickey Holliman, chairman and CEO. "These trends have continued through the month of February, and it now appears the recovery in overall business will continue through the first quarter. We now expect overall sales growth in the first quarter to be up in the mid-single digits over sales in the first quarter of 2003."
The company expects to report first-quarter results on April 28.
Furniture Brands manufactures and sources under six brands — Broyhill, Lane, Thomasville, Henredon, Drexel Heritage and Maitland-Smith.
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