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.
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