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HNI Corp. Q1 Profit Tops Estimates; Organic Sales Down 3.4% - Quick Facts

HNI Corp. (HNI) reported first-quarter non-GAAP net income per share of $0.02 compared to $0.10, a year ago. The company said a higher effective tax rate resulted in $0.04 of the decrease. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

For the first-quarter, net sales decreased 5.1 percent year-over-year to $479.5 million. On an organic basis, sales decreased 3.4 percent. Analysts expected revenue of $485.33 million for the quarter.

For fiscal 2019, the company expects organic sales to be up 2 to 6 percent, updated from the prior guidance of up 3 to 7 percent. Full year earnings per share guidance remains unchanged, in the range of $2.50 to $2.90.

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