Seating supplier Flexsteel Industries Inc. warned Wall Street after the market closed Thursday (March 15) that its sales and earnings during its third fiscal quarter, which will end March 31, will be lower than Wall Street had anticipated.
Flexsteel estimates it will earn from 10 cents to 14 cents per diluted share during the January-through-March period. The Wall Street consensus estimate was for Flexsteel to earn 33 cents a share.
During the January-through-March period of 2000, Flexsteel earned 45 cents a share.
Flexsteel also believes its sales revenue will end up about 10% below the record of $75 million it set during the first three months of last year.
Lower vehicle seating sales and a slow down in orders for residential and commercial seating beginning around Feb. 1 were the reasons Flexsteel decided to warn Wall Street to expect lower sales and earnings, said Bruce Lauritsen, president and CEO.
“While it is possible that business could improve during the summer, we expect that any real improvements will not take place until the fall of 2001,” Lauritsen aded.