HNI Corp. net sales up 5.7 percent in second quarter
Muscatine-based HNI Corp. announced that consolidated net sales for the second quarter increased by $29.1 million, or 5.7 percent, to $543.6 million. The company said the net impact of closing and divesting small office furniture companies decreased sales $13.2 million compared with the prior-year quarter. GAAP net income per share was 42 cents, compared with 31 cents in the prior year, while non-GAAP net income per share was 44 cents, compared with 42 cents in the prior year. “Our strong sales momentum continued during the second quarter,” HNI President and CEO Jeff Lorenger said in a release. “Results were better than expected in both our Hearth and Office Furniture businesses.” The corporation expects full-year organic sales to be up 6 to 8 percent.