FBI lowers 3Q forecast as Leggett affirms outlook
By Furniture Today Staff -- Furniture Today, September 10, 2006
High Point — Furniture Brands International has cut its third-quarter earnings forecast, but components supplier Leggett & Platt reaffirmed its earnings outlook and said sales should increase about 5% this year.
Furniture Brands, whose business units include Lane, Broyhill, Thomasville, Henredon, Drexel Heritage and Maitland-Smith, said it now expects third-quarter earnings of 9 cents to 13 cents per share. That's down from earlier estimates of 18 cents to 22 cents per share.
"Business conditions have softened since we last commented on trends," said Mickey Holliman, chairman and CEO.
Holliman said he expects sales for the quarter to be "slightly positive" compared with last year's third quarter, and noted that downtime has been scheduled at several upholstery plants and the company is offering bigger discounts on some slow-moving products.
Leggett & Platt reaffirmed earlier earnings estimates of 42 cents to 47 cents per share for the third quarter. The company didn't issue a sales estimate for the quarter, but said sales for the full year should be up about 5%.
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