HNI Corporation (NYSE: HNI) today announced increased earnings guidance for the second quarter and fiscal year 2016 in advance of previously scheduled meetings with investors and analysts next week at the Neocon office furniture trade show. HNI expects to report second quarter non-GAAP net income per diluted share of $0.62 to $0.67 on a sales decrease of 6 to 8 percent over the prior year quarter. This compares to prior guidance of non-GAAP net income per diluted share of $0.54 to $0.59 on a sales decrease of 4 to 7 percent.
“We expect to deliver better than projected earnings driven by outstanding operational execution, material and operations productivity, and strong returns on prior investments. Our businesses are competing well and are positioned to deliver significant long-term profitable growth,” said Stan Askren, HNI Corporation Chairman, President, and Chief Executive Officer.
The Corporation now estimates full year non-GAAP earnings per diluted share to be in the range of $2.70 to $2.90 on a sales decrease of 1 to 3 percent over the prior year. This compares to prior guidance of non-GAAP earnings per diluted share of $2.40 to $2.70 on a sales decrease of 2 to 4 percent.
Investor Presentation
The Corporation’s investor presentation will be available on the Corporation’s website at www.hnicorp.com.
About HNI Corporation
HNI Corporation is a NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is the nation’s leading manufacturer of hearth products. The Corporation’s strong brands have leading positions in their markets. More information can be found on the Corporation’s website at www.hnicorp.com.