HNI Corporation (NYSE:HNI) came out with its third quarter earnings results on Monday 19th October 2020 before market open.
HNI Corporation came out with quarterly income of $ 0.71 per share, from the revenue of $ 507.06 million. On adjusted basis, the firm reported income for the quarter of $ 0.71 per share.
The consensus estimate are $ 0.46 income per share from revenues of $ 496.50 million.
The third quarter financial report outlined, earnings beat street analysts by $ 0.25 or 54.35 percent, where as revenues outshined analysts estimates by $ 10.56 million or 2.13 percent.
On the other hand, The quarterly earnings dropped 33.64 percent compared with the same quarter last year, at the same time revenues contracted 18.92 percent versus third quarter of last year.
Jeff Lorenger, Chairman, President, and Chief Executive Officer, stated, Our members delivered another solid quarter in an environment that remains uniquely challenging. And, again in the third quarter, our results demonstrate much of what is unique about HNI. Our diversified revenue streams, our ability and willingness to invest despite ongoing uncertainty, and our cost and expense management efforts combined to deliver strong free cash flow in the third quarter, positioning us well for the future
