HNI Corp. returns to profit in 1st quarter

by:YABO     2020-01-20
Mascatine, Iowa (AP)--HNI Corp.
The company, which produces home and workplace products such as office furniture and fireplaces, said on Wednesday that with the sale of fireplaces and supplies, the company resumed profits in the first quarter --
Business growth offset weakness in other office furniture.
The cost of restructuring the company is also falling.
Office furniture companies have been hit hard during the recession and the long housing downturn as small businesses and consumers cut large commodities.
HNI offset this by closing some factories and acquisitions, including India.
Headquartered in BP Ergo Co. , Ltd. in August.
Net income for the three months ended March 30 totaled $1.
41 million, 3 cents per share.
In contrast, the previous loss was $141,000, or break-even per share. year quarter.
Analysts expect to lose 2 cents per share, according to FactSet.
Revenue fell less than 1% to $442.
$3 million, $445.
2 million last year.
Analysts expect $438. 3 million.
Office furniture sales fell due to reduced federal government spending and delays in projects related to economic uncertainty in the first quarter.
Compared to $1, the Company incurred $200,000 in restructuring costs involving the closure and integration of its manufacturing sites.
The previous quarter was 2 million.
Looking forward, CEO Stan Askren said he was \"encouraged\" by the gradual improvement in the company\'s market and said HNI was entering the second quarter with \"good momentum.
\"In the second quarter, it expects to earn 22 cents to 27 cents a share, excluding 1 cent.
The time cost of revenue growth of 5% to 8% means revenue of $504.
$4 million to $518. 8 million.
Analysts expect earnings per share to be 22 cents and $491. 2 million.
HNI expects adjusted revenue to be $1 this year. 30 to $1.
$45 per share, compared to the previous $1. 25 to $1.
45 per share issued on February.
Analysts expect revenue of $1. 35 per share.
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