MUSCATINE, IA - HNI Corp. (NYSE: HNI)reported $614.7 million in revenue, and $33.6 million in profit. Of that, $488.6 million was office furniture; the balance fireplaces.
"Office furniture sales growth accelerated, led by our contract business," said Stan Askren, CEO.
During the third quarter, as part of the Corporation's ongoing strategy to reduce structural costs, it made the decision to close a small international office furniture manufacturing facility. In connection with closures announced earlier this year and this decision, HNI recorded $4.9 million of restructuring and transition costs with $3.9 million included in cost of sales.
HNI, parent of HON, Paoli, Gunlocke and other contract furniture lines, forecasts sales will rise 13 to 17 percent in the fourth quarter over the same period in the prior year, including its hearth businesses, which sells to residential remodeling and new construction.
Have something to say? Share your thoughts with us in the comments below.