Stanley Furniture Shares Fall On 3Q Outlook
SAN FRANCISCO (AP) ¿ Shares of Stanley Furniture Co. Inc. fell Wednesday after the company said a day earlier that its third-quarter results would be worse than the loss it recorded in the second quarter.
Shares fell 74 cents, or 6.2 percent, to $11.15 in early afternoon trading.
The San Francisco wood furniture maker reported a second-quarter pretax operating loss of $4.1 million, as sales tumbled 28 percent year-over-year to $42.3 million. Managers had said at the end of the second quarter that they believed sales had hit a bottom.
A Raymond James analyst lowered profit estimates for the third quarter but maintained a "market perform" rating on the shares on Wednesday.Analyst Budd Bugatch lowered his expectations for third-quarter results to a loss of 33 cents per share from a loss of 16 cents per share. He also lowered his estimate for 2009 results to a loss of $1.13 per share from an 87 cent per share loss. Analysts polled by Thomson Reuters predict a third-quarter loss of 18 cents per share and a 2009 loss of 84 cents per share. Stanley Furniture expects to release third-quarter results after markets close Oct. 14.
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