September 17, 2012 / 10:03 PM / 5 years ago

HNI Corp says 3rd-qtr profit to miss its forecast

Sept 17 (Reuters) - HNI Corp said its adjusted profit would miss its own forecast for the third quarter on lower-than-expected demand in its office supply business, sending its shares down 10 percent after the bell.

The company, which also makes fireplaces and stoves, expects sales to rise 7 to 10 percent. It had earlier forecast a 11 to 14 percent increase.

HNI, which would report third-quarter results on Oct. 17, expects adjusted earnings of about 55 cents per share, down from its previous forecast of 65 cents to 70 cents per share.

The company said extreme summer heat hurt production ramp-up during the peak demand season for office furniture.

Shares of the Muscatine, Iowa-based company closed at $30.69 on the New York Stock Exchange on Monday.

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