Shares of Furniture Brands International Inc. climbed Thursday following news about the company’s latest results.

Cost cuts helped the furniture maker report fourth-quarter earnings that, while lower than those for the prior year, surpassed Wall Street’s expectations.

The company also put first-quarter earnings estimates above the Street’s average forecast.

Shares of St. Louis-based Furniture Brands rose $2.46, or 11 percent, to $24.26 in early afternoon trading on the New York Stock Exchange.

Furniture Brands said after the close of trading Wednesday that for the fourth quarter ended Dec. 31, its earnings fell to $17.1 million, or 34 cents a share, from $22.3 million, or 42 cents a share, in the prior fourth quarter.

Analysts surveyed by Thomson Financial had forecast, on average, earnings of 30 cents a share.

Sales fell 1.4 percent to $593.5 million from $602 million.

“While sales were weaker than anticipated, profitability increased on the back of cost-cutting,” Credit Suisse analyst Ivy Zelman said in a note.

Furniture Brands forecast first-quarter earnings of 43 cents a share to 47 cents a share, above Wall Street’s expectation of about 41 cents a share.

In the prior first quarter, Furniture Brands earned $24.8 million, or 46 cents a share. Those results included charges of $2.5 million, or 5 cents a share.

Via Yahoo News

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