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HNI Corp. Q4 sales up 5.5%; profit down 3%

Wednesday 6 February 2013

HNI Corp.reported that its fourth-quarter net income attributable to the company declined to $17.59 million or $0.39 per share, from $18.14 million or $0.40 per share in the same quarter last year.
The company latest-quarter results included $1.1 million of restructuring and transition costs of which $0.3 million were included in cost of sales. These included costs associated with previously announced shutdown and consolidation of office furniture manufacturing locations. Included in the fourth quarter of 2011 were $1.1 million of restructuring and transition costs net of a non-operating gain on the sale of property .
Adjusted net income for the latest-quarter was $0.40 per share, down from $0.41 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 5.5% to $527.54 million from $500.27 million in the prior year quarter. Four analysts had consensus revenue estimate of $519.20 million for the quarter. Acquisitions contributed $10.0 million of sales, or 2.0 percent sales growth.
The company estimates sales to be flat to down 5 percent in the first quarter over the same period in the prior year. Non-GAAP loss per share is anticipated to be in the range of $0.01 to $0.07 for the first quarter. Analysts expect the company to report earnings of $0.06 per share on revenues of $460.30 million for the first-quarter.

For the full year 2013, the company updated its estimate of non-GAAP earnings per share to be in the range of $1.25 to $1.45, which excludes restructuring charges and transition costs. Analysts expect the company to report earnings of $1.40 per share for fiscal 2013.

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