FX.co ★ HNI Shares Rise In Pre-market On Upbeat Q1 Results

HNI Corporation, a company specializing in workplace furnishings and residential building products, experienced a more than 3% rise in share prices early Monday, reaching $43.87. This increase comes after the company reported first-quarter results that exceeded expectations.

Net income for the first quarter significantly increased to $17.7 million, or $0.37 per share, a substantial increase from the $1.6 million or $0.04 per share reported the previous year. On average, four analysts surveyed by Thomson Reuters anticipated the company would report earnings of $0.18 per share for the quarter.

Net sales for the quarter saw a significant increase, rising 22.7% to $588.0 million compared to $479.1 million during the same period last year. Market estimates were projecting sales of $574.56 million for the quarter.

The closing stock price for HNI on Friday was $42.50. Over the past year, the stock price has ranged between $24.81 and $45.47.