Associated Press
DES MOINES, Iowa (AP) – Office furniture and fireplace manufacturer HNI Corporation says its third quarter profits fell 1.7% — as a soft housing market continued to cause a slow demand for some of its home products.
The Muscatine-based manufacturer of Hon, Allsteel and Hearth and Home brands reports profits of $35.3 million, or 76 cents a share compared to $35.8 million, or 73 cents a share for the same period a year ago.
Company officials say it saw a gain of 5 cents a share as the result of a share repurchase program.
The company reported sales of $674.6 million for the quarter. Shares rose 7%, or $2.55 to $38.43.
On the Net: HNI Corp.: http://www.hnicorp.com
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