Shares of Stanley Furniture Co. Inc. plummeted during the early afternoon trading on Wednesday. The company has predicted a day before that the third-quarter results would be more severe than its recorded loss during the second quarter.Its shares were reduced to $11.15, falling 74 cents or 6.2 percent.
During the second quarter, the San Francisco-based wood furniture manufacturer reported a pretax operating loss of $4.1 after its sales plummeted to 28 percent every year to a $42.3 million. At the end of the second quarter, managers had stated that they considered hitting the bottom on their sales.
Budd Bugatch, an analyst from Raymond James had lowered profit estimates for the third quarter, but still maintained a “market perform” rating on the shares last Wednesday. He expected a loss of 33 cents per share from a loss of 16 cents per share. His estimate for 2009 also dropped down to a loss of $1.13 per share from an 87 cent per share loss.
Thomson Reuters polled analysts and predicted a loss of 18 cents per share during the third quarter and a loss of 84 cents per share in 2009.
Source: Forbes.com
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