2023-05-08 10:53:54 ET
HNI’s ( NYSE: HNI ) stock on Monday jumped more than 10% after the workplace-furnishings provider reported sales and earnings that beat the average estimates among Wall Street analysts.
The company’s sales fell 16% from a year earlier to $479.1 million, compared with the consensus estimate of $462.3 million.
Operating income slumped 69% to $6.4 million.
Earnings adjusted for one-time times fell 61% from a year earlier to $0.13, beating the analyst forecast for a loss per share of $0.03.
Source: HNI
“Our actions to drive profit expansion in workplace furnishings are delivering results, as reflected in our better-than-expected first quarter profitability,” Jeff Lorenger, chairman, president and CEO, said in a statement. “Our residential building products segment performed largely as expected as we adjusted to softer housing-related demand conditions and held operating margins above 15 percent for the 11th straight quarter.”
More on HNI
- HNI to acquire Kimball in $485M cash and stock transaction
- HNI Corporation sells Lamex office furniture business for $75M
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HNI jumps after Q1 sales and earnings beat estimates