HNI Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 31, 2023 at 07:30 am
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HNI Corporation reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 711.6 million compared to USD 598.8 million a year ago. Net income was USD 37.8 million compared to USD 63.1 million a year ago. Basic earnings per share from continuing operations was USD 0.81 compared to USD 1.53 a year ago. Diluted earnings per share from continuing operations was USD 0.8 compared to USD 1.51 a year ago.
For the nine months, sales was USD 1,754.2 million compared to USD 1,792.9 million a year ago. Net income was USD 26.5 million compared to USD 107.6 million a year ago. Basic earnings per share from continuing operations was USD 0.6 compared to USD 2.57 a year ago. Diluted earnings per share from continuing operations was USD 0.6 compared to USD 2.54 a year ago.
HNI Corporation is a provider of workplace furnishings and residential building products. The workplace furnishings segment manufactures and markets a line of commercial and home office furniture, which includes panel-based and freestanding furniture systems, seating, storage, benching, tables, architectural products, and social collaborative items. The residential building products segment manufactures and markets a range of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, outdoor fire pits and fire tables, and accessories. Its products are sold primarily through independent dealers, office product distributors, eCommerce retailers, and wholesalers but also directly to end-user customers and federal, state, and local governments. Its brands include HON, Allsteel, Beyond, Dâstyle, Gunlocke, Kimball, HBF, HBF Textiles and HNI India. It exports select products through its export subsidiary to North America, principally the Caribbean, Latin America, and Mexico.