HNI Corp. (NYSE: HNI), spending $85 million on software and to build new laminate production facilities,said overall third quarter sales rose 3% to $565.7 million, but furniture sales were hurt by a 30% drop in Federal buys.
By Bill Esler
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., 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.
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.