HNI reports revenue increases in third quarter, expects continued sales growth
HNI Corp. reported third-quarter sales of $586.7 million and net income of $19.2 million for the quarter that ended Oct. 2. Net income was 43 cents per share in the latest quarter, compared to 71 cents in the same period the prior year. The company had strong growth in its Residential Building Products segment, with third-quarter revenue up 26% year-over-year and operating profit up more than 10%. HNI’s Workplace Furnishings segment showed continued recovery, with third-quarter revenue up approximately 11% over the prior-year quarter. The Muscatine-based manufacturer earlier this month completed the acquisition of Trinity Hearth and Home, an installing distributor in North Texas. HNI announced last month plans to expand production by opening a new seating facility in Mexico. The facility, along with continued domestic hiring, will provide capacity to help meet growing customer demand, the company said. Taking into consideration continued impacts from labor availability and supply chain constraints, HNI expects consolidated revenue, including the impact of acquisitions, to grow in the mid-to-high single-digit percent range compared to the prior-year quarter.