HNI Corp. Q1 Results Top Estimates
(RTTNews) - HNI Corp. (HNI) reported Monday that net income attributable to the company for the first quarter surged to $17.7 million or $0.37 per share from $1.6 million or $0.04 per share in the year-ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter grew 22.7 percent to $588.0 million from $479.1 million in the same quarter last year. On an organic basis, sales decreased 8.1 percent. The Street was looking for sales of $574.56 million for the quarter.
Looking ahead, the company said adjusted earnings for the second quarter is expected to increase solidly year-over-year driven by the benefit of KII and continued profit transformation in Legacy Workplace Furnishings despite increasingly difficult year-ago comps.
For fiscal 2024, the company expects earnings to increase strongly from 2023 levels driven by continued margin expansion in Workplace Furnishings and the full-year benefit of accretion from KII.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
HNI Corp. Q1 Results Top Estimates
U.S. Dollar Drops After Powell's Speech
TSX Hits New Record High As Stocks Rally On Fed Rate Cut Hopes
Powell Says Outlook, Shifting Balance Of Risks 'May Warrant' Lower Rates
Bay Street Likely To Open On Mixed Note; Powell's Speech Eyed
Sensex, Nifty Snap Six-day Winning Streak On Tariff Concerns
FTSE 100 Down Slightly; Standard Chartered Shares Up Sharply
