Lane, Broyhill strong at Furniture Brands
By Furniture Today Staff -- Furniture Today, June 17, 2002
ST. LOUIS — ST. LOUIS — Furniture Brands International has confirmed its earlier projections for earnings in the second quarter and full year, and said its midpriced lines continue to perform better than its high-end products.
"Since the beginning of the year we have seen order strength in the middle and upper-middle price categories, particularly at Lane and more recently at Broyhill," said Mickey Holliman, the manufacturer's chairman, president and chief executive officer.
"We continue to believe business at the high end will improve throughout the second half but have yet to see meaningful year-over-year favorable comparisons at Thomasville, Henredon and Drexel Heritage," he said.
Furniture Brands acquired Henredon, Drexel Heritage and importer Maitland-Smith from LifeStyle Furnishings International in December.
The company said it expects to earn between 53 cents and 57 cents per share in the second quarter and $2.35 to $2.42 for the full year. A year ago, the company earned just 3 cents per share in the second quarter, or 27 cents before one-time charges, and $1.13 per share for the year, or $1.36 excluding charges.
Analysts' estimates for Furniture Brands range from 55 cents to 60 cents per share for the current quarter, with an average of 57 cents, according to Thomson First Call. The average estimate for the year is $2.46 per share.
