HNI Reports Q3 Beat; Sees FY16 EPS Above, FY17 EPS In Line with Street

HNI (HNI) rose marginally in Wednesday’s late trading after the company reported financial results for Q3, with better-than expected earnings and revenue; it also provided guidance for Q4, fiscal 2016 and fiscal 2017.

For the quarter ended Oct. 1, the provider of office furniture and hearth products posted Q3 non-GAAP earnings of $0.80 per share, compared with the prior-year period’s $0.93 per share. Analysts polled by Capital IQ were expecting EPS of $0.77.

Revenue was $584.6 million, down 5.1% from $615.9 million in the same quarter last year. The Street view is for revenue of $583.7 million.

HNI said it anticipates revenue to be decline 1% – 4% in Q4, including impacts of acquisitions and divestitures.

The company expects FY16 EPS to be $2.60- $2.70, versus the Street view of $2.55.

For fiscal 2017, it sees EPS of $2.75 – $3.15, compared with forecasts of $2.95. Consolidated net sales are expected to be down 2% to up 2%, including the impacts of acquisitions and divestitures.

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