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HNI Q4 Profit Rises On Higher Sales; Sees Higher Sales In FY20

HNI Corp. (HNI), an office furniture and health products company, reported that its fourth- quarter attributable net income was $47.60 million, higher than $32.36 million last year.

Earnings per share climbed 50.7 percent to $1.10 from prior year's $0.73.

Adjusted net income per share was $1.12, compared to $0.97 in the prior year.

Fourth-quarter sales grew 3 percent to $616.1 million from last year's $598.1 million.

Looking ahead for fiscal 2020, the company projects sales to be $2.30 billion to $2.35 billion, representing a growth of 2.5% to 4.5% versus the prior year. Full
year adjusted earnings per share is expected to be in the range of $2.60 to $2.90.

The company said, "Looking ahead to 2020, we expect solid revenue growth in both Office Furniture and Hearth Products. Our key markets are showing greater stability; our e-commerce efforts are driving growth; and our recent investments are generating results."

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