Furniture Brands boosts dividend; stock price rises
First quarter projections positive
By Furniture Today Staff -- Furniture Today, January 27, 2006
ST. LOUIS — Furniture Brands International gave its stockholders two reasons to smile this week, boosting its dividend and reporting results that sent its stock price rising 14%.
The company’s board voted Thursday to increase the quarterly dividend by 6.7% to 16 cents per share, payable Feb. 24 to shareholders of record on Feb. 6.
Late Wednesday, the company reported fourth-quarter earnings that were lower than in the comparable 2004 quarter but higher than Wall Street analysts had expected. FBI said it earned 34 cents per share in the period, while analysts’ estimates had averaged 30 cents, according to Thomson Financial.
Furniture Brands also projected it would earn 43 to 47 cents per share in the first quarter, higher than the 41 cents that analysts had been predicting.
In addition to raising the dividend, FBI’s board also authorized the buyback of an additional $50 million in company stock over the next 12 months. The amount is in on top of a $100 million repurchase authorization that expires July 29, $47 million of which has not yet been used.
Furniture Brands’ stock closed Thursday at $24.95, up $3.15 for the day.
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