MUSCATINE, IA -- While still projecting a profit, softer than expected demand in office furniture has forced HNI Corp. to lower its projections for the third quarter 2012. The corporation revised its rate from 11-14% down to 7-10% growth over the prior year's figures.
The company said the hot weather this summer also adversely affected its production ramp up efficiencies. The second largest office furniture producer in the world, HNI brands include: HON, Allsteel, Gunlocke, Paoli, Lamex, Maxon, HBF, Ergo, LSI, Midwest Folding and Artco-Bell.
"Economic uncertainty appears to be constraining the near-term growth momentum of office furniture. We remain confident in our strategies and will continue to closely monitor our markets, aggressively manage operating expenses, and invest in long-term growth," Stan Askren, HNI Corp. chairman, president and CEO said in a statement.
In addition to contract furniture, HNI Corp. is also a leading manufacturer and marketer of gas and wood-burning fireplaces, including Heatilator, Heat & Glo, Quadra-Fire and Harmon Stove brands.
Results for the third quarter 2012 will be issued after market close on Oct. 17.
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