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HNI Corp. Narrows Full Year Earnings Guidance - Quick Facts

HNI Corp. (HNI) said its estimate of full year non-GAAP earnings per diluted share has narrowed and is expected to be in the range of $2.50 to $2.60 versus the previous guidance range of $2.50 to $2.70. The company expects full year organic sales to be up approximately 1 percent. This compares to the previous organic sales growth expectation of up 1 to 4 percent. The company said the change is primarily driven by lower growth in the contract-driven office furniture business.

For the third-quarter, non-GAAP net income per diluted share was $1.08 compared to $0.90 in the prior year quarter. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.07, for the quarter. Analysts' estimates typically exclude special items.

Consolidated third-quarter net sales increased 2.3 percent from the prior year quarter to $625.4 million. On an organic basis, sales increased 3.1 percent. Analysts expected revenue of $640.3 million for the quarter.

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