HNI Corporation Reports Earnings for Second Quarter Fiscal Year 2020
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HNI Corp. (HNI) Tops Q2 EPS by 51c, Revenues Beat
July 22, 2020 4:32 PM EDTHNI Corp. (NYSE: HNI) reported Q2 EPS of $0.20, $0.51 better than the analyst estimate of ($0.31). Revenue for the quarter came in at $417.5 million versus the consensus estimate of $379.94 million.
Second Quarter Summary Comments
Consolidated net sales decreased 20.6 percent from the prior-year quarter to $417.5 million. On an organic basis, sales decreased 21.2 percent. The impact of acquiring residential building products distributors increased sales $2.9 million compared to the prior-year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.Gross profit margin decreased 50 basis points compared to the prior-year... More