HNI Q3 Profit Rises, Tops Estimates; Sees Modestly Higher Earnings In Q4

(RTTNews) - Office furniture manufacturer HNI Corp. (HNI) reported Monday that its net income of $63.1 million, compared to last year's $19.2 million. Earnings per share were $1.51, up from $0.43 in the prior year.

The latest results included a $51 million pre-tax gain from the sale of Lamex.

Adjusted net income per share was $0.71, compared to $0.43 in the prior year.

On average, four analysts polled by Thomson Reuters expected earnings of $0.64 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales increased 2.1 percent to $598.8 million from last year's $586.7 million. Analysts estimated revenues of $642.29 million for the quarter.

On an organic basis, sales increased 3.3 percent year-over-year.

Looking ahead, fourth quarter non-GAAP earnings are expected to decrease sequentially from third quarter 2022 levels but modestly exceed year-ago results primarily due to favorable price-cost.

The company noted that broader macroeconomic and recession concerns continue to negatively impact demand in most markets. As a result, the Corporation lowered its outlook for segmental revenues.

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