HNI Corp. Q3 Profit Slides In Line With Consensus View

(RTTNews) - HNI Corporation (HNI) on Monday announced net income of $19.16 million or $0.43 per share in the third quarter, lower than $30.69 million or $0.71 per share in the same quarter a year ago, hurt by labor shortage and supply chain disruptions.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter, however, increased to $586.75 million from $507.06 million last year, helped by growth in residential building products sales and continuing recovery in workplace furnishings. The consensus estimate was for $592.14 million.

"While we drove strong order growth, the ongoing difficulties tied to labor availability, supply chain disruptions, and inflation in all categories of input costs negatively impacted our results," Jeff Lorenger, chief executive said in a statement.

HNI shares closed Friday's trading at $39.95, up $0.71 or 1.81%.