HNI Corporation Reports Earnings for First Quarter Fiscal Year 2019
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HNI Corp. (HNI) Tops Q1 EPS by 1c, Revenues Miss; Offers FY19 Mid-Point Outlook Above Consensus
April 22, 2019 6:54 AM EDTHNI Corp. (NYSE: HNI) reported Q1 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $479.5 million versus the consensus estimate of $485.33 million.
First Quarter Summary Comments
Consolidated net sales decreased $25.6 million or 5.1 percent from the prior year quarter to $479.5 million. On an organic basis, sales decreased 3.4 percent. The net impact of closing and divesting small office furniture companies decreased sales $8.5 million compared to the prior year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.GAAP gross profit... More