HNI Q3 Profit Rises

(RTTNews) - HNI Corporation (HNI) Wednesday reported third-quarter net income of $33.6 million or $0.74 per share, up from $28.1 million or $0.61 per share last year.

Adjusted earnings for the quarter were $0.81 per share up from $0.61 per share last year.

Net sales for the quarter rose 8.7 percent to $614.7 million from $565.7 million last year.

Analysts polled by Thomson Reuters estimate earnings of $0.71 per share on revenues of $593.3 million for the quarter. Analysts' estimates typically exclude one-time items.

Looking forward to the fourth quarter, the company expects sales to be up 13 to 17 percent over the same period in the prior year, including sales from the recently acquired Vermont Castings Group.

For the full year, the company now expects adjusted earnings of $1.95 to $2.00, up from $1.75 to $1.85 per share. Analysts currently estimate earnings of $1.82 per share for the year.