Furniture Brands ( FBN) lowered its second-quarter earnings estimate due to weaker-than-expected business, but said its full-year guidance is on track. Both estimates, however, fall below analysts' expectations.

The company said it now expects to earn 42 cents to 45 cents a share in the second quarter. Analysts expect 47 cents a share, on average. Previously, the company had predicted earnings of 47 cents to 50 cents a share. Furniture Brands earned 57 cents a share in the same quarter a year ago.

"When we issued our earnings guidance in April we announced that we had removed the growth assumptions previously included in our second-half expectations," said W.G. (Mickey) Holliman, chief executive of the company. "Business in the second quarter has been modestly weaker than we expected, and we have now brought the guidance for the current quarter down slightly, as well."

The company didn't issue exact third-quarter guidance. The consensus estimate is 47 cents a share. The company earned 44 cents a share in the third quarter last year.

"Business conditions remain very soft across nearly all segments of our industry. While it is particularly challenging at our high-end companies, Thomasville, Drexel Heritage, Henredon and Maitland-Smith, strong results in the second quarter of last year at Broyhill and Lane are making comparisons difficult in the middle-price business as well," Holliman said.

Looking to the full year, the company said it still expects to earn $2 to $2.05 a share. Analysts expect $2.06 a share. The company earned $2.11 a share in the previous year.

Second-quarter results will be reported July 23. Shares of St. Louis-based Furniture Brands closed at $27.24 Monday on the New York Stock Exchange.

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