HNI Corp. (HNI) announced the Corporation estimates full year non-GAAP earnings per share to be in the range of $2.35 to $2.55, which excludes restructuring and transition costs. Full year organic sales are expected to be up 2 to 5 percent. Including the impacts of acquisitions and divestitures, full year sales are expected to be down 2 percent to up 1 percent. This compares to prior guidance of non-GAAP earnings per share of $2.40 to $2.70 on organic sales growth of 2 to 5 percent. The company said the delayed cost savings and competitive pricing pressure are primarily driving the reduced outlook.
For the third quarter, organic sales are expected to be up 7 to 10 percent. Including the impacts of acquisitions and divestitures, third quarter sales are expected to be down 1 percent to up 2 percent. Non-GAAP earnings per share are anticipated to be in the range of $0.76 to $0.86 for the third quarter, which excludes restructuring and transition costs.
HNI reported second-quarter non-GAAP net income per share of $0.42 compared to $0.68 in the prior year. Sales for the second quarter ended July 1, 2017 was $514.5 million compared to $536.5 million, prior year.
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