Furniture Brands International shares moved higher Thursday after the company's first-quarter profit rose nearly 22 percent.
Shares Furniture Brands International, which makes Broyhill, Lane, Thomasville, Drexel Heritage and Henredon furniture, jumped $ 1.65, or 7.2 percent, to $ 24.45 in afternoon trading on the New York Stock Exchange, after going as high as $ 24 , 99 in the previous session. Shares have been trading in a 52-week range of $ 16.07 to $ 25.34.
On Wednesday the company said first quarter revenue increased to $ 30.2 million, or 61 cents per share, compared to $ 24.8 million, or 46 cents per share, in the period of the previous year. Quarterly results included $ 5.4 million, or 11 cents per share, accounting gains and costs of $ 500,000, or one cent per share. Last year's first quarter results included charges of $ 2.5 million, or 5 cents per share
Quarterly revenue rose 3.1 percent to $ 661.4 million from $ 641.6 million during the same period last year on the strength of Thomasville and Lane brands.
Furniture Brands issued second-quarter earnings guidance in the range of 29 cents to 33 cents per share. Not including restructuring costs of 3 cents per share and 3 cents per share on the increased interest expense, tuition will range 35 cents to 39 cents per share. Analysts expect earnings of 36 cents per share.
Not all analysts impressed with Furniture Brands first quarter results. Credit Suisse analyst Ivy Zelman have "underperform" rating on the stock and target price of $ 21 on difficulties with Thomasville and Lane retail store expansion, increased competition from imports and the potential slowdown in consumer spending.
Shares Furniture Brands International, which makes Broyhill, Lane, Thomasville, Drexel Heritage and Henredon furniture, jumped $ 1.65, or 7.2 percent, to $ 24.45 in afternoon trading on the New York Stock Exchange, after going as high as $ 24 , 99 in the previous session. Shares have been trading in a 52-week range of $ 16.07 to $ 25.34.
On Wednesday the company said first quarter revenue increased to $ 30.2 million, or 61 cents per share, compared to $ 24.8 million, or 46 cents per share, in the period of the previous year. Quarterly results included $ 5.4 million, or 11 cents per share, accounting gains and costs of $ 500,000, or one cent per share. Last year's first quarter results included charges of $ 2.5 million, or 5 cents per share
Quarterly revenue rose 3.1 percent to $ 661.4 million from $ 641.6 million during the same period last year on the strength of Thomasville and Lane brands.
Furniture Brands issued second-quarter earnings guidance in the range of 29 cents to 33 cents per share. Not including restructuring costs of 3 cents per share and 3 cents per share on the increased interest expense, tuition will range 35 cents to 39 cents per share. Analysts expect earnings of 36 cents per share.
Not all analysts impressed with Furniture Brands first quarter results. Credit Suisse analyst Ivy Zelman have "underperform" rating on the stock and target price of $ 21 on difficulties with Thomasville and Lane retail store expansion, increased competition from imports and the potential slowdown in consumer spending.
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