Stanley Furniture 3Q Profit Slumps on Weak Wooden Residential Furniture Market
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\nSTANLEYTOWN, Va. (AP) — Stanley Furniture Co. said Monday its third-quarter profit fell 48 percent, as homeowners held back on purchases of wooden furniture and the company incurred higher raw material, compensation and energy costs.<\/p>\n
The results fell below Stanley’s previously lowered forecast, and the company issued a forecast for fourth-quarter results below Wall Street’s current expectations, sending shares falling $2.53, or 11.6 percent, to $19.21 in aftermarket trading. They had closed down 14 cents at $21.74 on the Nasdaq, where they’ve traded between $19.31 and $29.96 over the past year.<\/p>\n
Quarterly net income dropped to $3 million, or 26 cents per share, from $5.8 million, or 44 cents per share. Quarterly sales slipped to $75.9 million from $85.6 million.<\/p>\n
Wall Street had been expecting a profit of 28 cents per share on sales of $77.5 million, according to an analyst poll by Thomson Financial. In mid-September the company lowered its earnings projection to 27 cents to 29 cents per share, down from 38 cents to 41 cents.<\/p>\n
Chairman, President and Chief Executive Jeffrey R. Scheffer said in a statement he expects wooden residential furniture sales to remain in an industrywide slowdown “for a while.”<\/p>\n
“While we are disappointed with the sales decline, we believe it is a result of overall industry conditions,” he said.<\/p>\n
Looking ahead, the company said it expects fourth-quarter earnings per share of between 13 cents and 16 cents on sales of between $69 million and $71.5 million.<\/p>\n
Analysts had been expecting earnings of 25 cents per share on sales of $75.8 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
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