HNI Corporation (NYSE: HNI) reported that improved sales for its hearth division helped compensate for a sales slow-down for its office furniture products during the first quarter.
HNI Corp. plans to invest $20 million expanding panel processing and manufacturing in its Muscatine, IA operations. The parent of business furnishings businesses as such Hon, Allsteel, and Paolli, will buy land and spend $14.7 million on equipment.
HNI Corp., fomerly HON, reported sales of $550.9 million third quarter, though net income fell $400,000 to $24.5 million. Summer heat interrupted production, impacting earnings. Capital expenditures doubled to $44 million for the first nine months of the year.
NeoCon, North America's largest contract furnishings fair, and other trade events held at the Merchandie Mart, will not be negatively impacted by Google's plans to lease 572,000 square feet of space at the Mart for its newly acquired Motorola Mobility business.
HNI Corporation, parent of HON office, Allsteel, Paoli, and Lamex products, reported net income of $7 million on sales of $480.4 million for the second quarter. Profit rose 51% and 11% respectively.
The HON Co. says it has been awarded a five-year blanket purchase agreement by the U.S. Navy to supply office furniture, systems and workstations at all U.S. naval bases.
Office furniture giant HNI Corp. announced sales of $466.1 million and income from continuing operations of $12.6 million for the fourth quarter ended Jan. 1, 2011. For fiscal year 2010, the corporation reported sales of $1.7 billion and income from continuing operations of $29.7 million.