HNI Q2 Profit Tops View

(RTTNews) - HNI Corp. (HNI) reported second-quarter net income attributable to the company of $11.4 million or $0.25 per share, compared to $7.0 million or $0.15 per share in the comparable quarter last year.

Adjusted net income for the latest-quarter was $0.28 per share, up from $0.17 per share last year. Analysts polled by Thomson Reuters expected the company to earn $0.25 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 6.3% to $510.70 million from $480.40 million in the prior year quarter, while four analysts had consensus revenue estimate of $509.25 million for the quarter.

Looking ahead to the third quarter, the company anticipates non-GAAP earnings per share to be in the range of $0.55 to $0.60 and sales growth between 3 percent to 6 percent. Analysts expect the company to report earnings of $0.64 per share on revenues of $578.03 million for the third-quarter.

For the full year 2013, the company now expects non-GAAP earnings per share of $1.30 to $1.40, compared to its previous forecast of $1.30 to $1.45.

Analysts expect the company to report earnings of $1.40 per share for fiscal 2013.