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BRIEF-HNI Corp sees FY adj EPS of $2.40 to $2.70

June 8 HNI Corp:

* HNI Corporation updates guidance for second quarter and fiscal year 2017

* Sees q2 non-gaap earnings per share $0.41 to $0.46

* Sees fy non-gaap earnings per share $2.40 to $2.70

* HNI Corp - ‍expects q2 non-gaap earnings per diluted share to be in range of $0.41 to $0.46​

* HNI Corp - ‍q2 consolidated organic sales growth is expected to be in range of 0 to 1 percent​

* HNI - sees ‍fy consolidated organic sales to grow 2 to 5 percent versus prior year​

* HNI - in short term, "results are being negatively impacted by accelerating channel shifts and timing of orders"

* Fy2017 earnings per share view $2.97, revenue view $2.23 billion -- Thomson Reuters I/B/E/S

* Q2 earnings per share view $0.70, revenue view $544.6 million -- Thomson Reuters I/B/E/S

* HNI-‍slower demand in supplies-driven office furniture business, higher inflation, competitive pricing pressure among other things driving reduced outlook for fy​

* HNI - seeing destocking of wholesalers' inventory, which is contributing to a faster than expected sales decline in wholesale channel

* HNI - ‍orders in supplies-driven business started q2 slowly​

* HNI - ‍although orders are recovering, more of co's q2 orders will ship in q3 than previously expected​

* HNI - ‍current backlog in supplies-driven business is up substantially compared to beginning of q2 Source text for Eikon: Further company coverage:

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