HNI Narrows 2018 Earnings Outlook - Quick Facts

(RTTNews) - HNI Corporation (HNI) announced it estimates full year non-GAAP earnings per share to be in the range of $2.35 to $2.45, which excludes restructuring and transition costs. This compares to prior guidance of non-GAAP earnings per share of $2.35 to $2.55. The company said the impact of lower fourth quarter contract office furniture volume is the primary driver of the narrowed earnings outlook.

For the fourth quarter, the Corporation expects organic sales to be up 5 to 8 percent compared to the same quarter last year. Including the impact of closing and divesting small office furniture companies, fourth quarter sales are expected to be up 2 to 5 percent. Fourth quarter non-GAAP earnings per share are anticipated to be in the range of $0.91 to $1.01, which excludes restructuring and transition costs.

For the third-quarter, non-GAAP net income per diluted share was $0.90 compared to $0.82 in the prior year. Consolidated net sales increased $11.7 million or 1.9 percent from the prior year quarter to $611.1 million. On an organic basis, sales increased 4.6 percent.