HNI Corp. Q3 Adj. Profit Rises; Net Sales Up 18.8%

(RTTNews) - HNI Corp. (HNI) reported third quarter net income of $37.8 million compared to $63.1 million, prior year. GAAP earnings per share declined to $0.80 from $1.51 primarily due to a non-recurring $51 million pre-tax gain on sale that was included in the prior year results. When excluding the gain and other items in both the current and prior year periods, non-GAAP net income per share was $0.93, compared to $0.71. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.63, for the quarter. Analysts' estimates typically exclude special items.

Sales for the third quarter were $711.6 million, up 18.8% from last year. Analysts on average had estimated $712.89 million in revenue.

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