HNI Corp Swings To Profit In Q1, Beats Street View

(RTTNews) - Office furniture manufacturer HNI Corp. (HNI) on Wednesday reported first-quarter net income of $15 million or $0.34 per share, compared to a net loss of $23.9 million or $0.56 per share in the year-ago quarter.

Adjusted net income was $15.5 million or $0.36 per share in the quarter, compared to $9.2 million or $0.21 per share in the same period last year. On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share in the quarter. Analysts' estimates usually exclude one-time items. Net sales rose 3.3 percent to $484.3 million from $469 million in the previous-year quarter, while analysts were looking for revenues of $459 million in the period. Looking ahead, despite inflationary pressures, investments, and the return of temporary cost actions taken in the prior year, the company expects the benefit of higher volume and net productivity to generate modest year-over-year profit growth, on an adjusted basis.