HNI Corp. Q1 Results Top Estimates

(RTTNews) - HNI Corp. (HNI) reported Monday that net income attributable to the company for the first quarter plunged to $1.6 million or $0.04 per share from $14.2 million or $0.33 per share in the year-ago quarter. Excluding special items, adjusted net income for the quarter was $0.13 per share.

On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined 16.3 percent to $479.1 million from $572.3 million in the same quarter last year. On an organic basis, sales decreased 14.0 percent. The Street was looking for sales of $462.26 million for the quarter.

Looking ahead, the Corporation continues to expect earnings seasonality will be more in-line with pre-pandemic trends. It now expects to generate approximately 80 percent of its annual profit in the second half of 2023, compared to approximately 60 percent in the second half of 2022.

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