HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

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News Release
                                
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION REPORTS STRONG PROFITABILITY FOR
FOURTH QUARTER FISCAL YEAR 2019

MUSCATINE, Iowa (February 19, 2020) – HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 28, 2019 of $2.247 billion and net income of $111 million. GAAP net income per diluted share was $2.54, compared to $2.11 in the prior year. Non-GAAP net income per diluted share was $2.59, compared to $2.41 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $616 million were up 3% from year-ago levels, and fourth quarter net income was $48 million. GAAP net income per diluted share was $1.10, compared to $0.73 in the prior year. Non-GAAP net income per diluted share was $1.12, compared to $0.97 in the prior year.

Highlights
Fourth quarter non-GAAP operating margin expanded 80 basis points year-over-year, driven by solid cost control.
Fourth quarter free cash flow exceeded expectations, strengthening the Corporation’s financial flexibility.
Fiscal year 2020 guidance assumes relatively stable domestic end markets, benefits of annual productivity and cost savings, and significant investments in future growth and margin expansion.

Fourth Quarter Summary Comments
“Our teams delivered a strong fourth quarter. We generated our best top line growth rate of the year and expanded operating margins despite choppy demand and tariff challenges. Our annual productivity and cost savings initiatives continue to gain momentum and drive improved profitability. Overall, our results show the performance our organization can drive and I am optimistic about what we can accomplish in the future,” said Jeff Lorenger, HNI Corporation, Chairman, President, and Chief Executive Officer.

1

The following information was filed by Hni Corp (HNI) on Wednesday, February 19, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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