HNI Corp. Q3 Profit Tops Estimates; Organic Sales Down 19.3% – Quick Facts
(RTTNews) – HNI Corp. (HNI) reported third quarter non GAAP net income per share of $0.71, compared to $1.08, prior year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.46, for the quarter. Analysts’ estimates typically exclude special items. The company said the decrease was due to lower Workplace Furnishings volume, partially offset by year-over-year SG&A expense management, net productivity benefits, and volume growth in Residential Building Products.
Third quarter sales were $507.1 million, down 18.9% year-on-year. Analysts expected revenue of $496.5 million, for the quarter. On an organic basis, sales decreased 19.3 percent.
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