HNI Corp. reports ‘solid’ third quarter
BUSINESS RECORD STAFF Oct 20, 2020 | 4:31 pm
1 min read time168 wordsAll Latest News, Banking & Finance
HNI Corp. on Monday announced sales for the third quarter ended Sept. 26 of $507.1 million and net income of $30.7 million. GAAP net income for the quarter was 71 cents per diluted share, down from $1.07 per share in the prior year’s quarter. The Muscatine-based manufacturer reported strong results in its residential building products sector, with third-quarter operating profit up 27% and net sales increasing 9.3% on a year-over-year basis. Workplace furnishings operating profit was nearly $17 million, despite a 27% contraction in that segment’s top-line sales. Operating cash flow for the first three quarters of 2020 totaled $143 million, a 24% increase from the prior-year period. “Our members delivered another solid quarter in an environment that remains uniquely challenging,” said Jeff Lorenger, HNI chairman, president and CEO. The company’s diverse revenue streams, willingness to invest despite ongoing uncertainty, and cost and management efforts combined to deliver strong free cash flow in the third quarter, positioning it well for the future, he said in an earnings release.