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HNI Corporation 408 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com
News Release
For Information Contact:
Kurt A. Tjaden, Senior Vice President and Chief Financial Officer (563) 272-7400
HNI CORPORATION REPORTS
STRONG EARNINGS GROWTH
FOR FOURTH QUARTER AND FISCAL YEAR 2015
Fourth Quarter Highlights
• | Non-GAAP net income per share increased 40 percent to $0.91 on a sales decrease of 7.7 percent; GAAP net income per share $0.71 |
• | Non-GAAP gross profit increased 220 basis points; GAAP gross profit increased 240 basis points |
Fiscal Year Highlights
• | Non-GAAP net income per share increased 31 percent to $2.58 on a sales increase of 3.7 percent; GAAP net income per share $2.32 |
• | Non-GAAP gross profit increased 130 basis points; GAAP gross profit increased 150 basis points |
MUSCATINE, Iowa (FEBRUARY 10, 2016) – HNI Corporation (NYSE: HNI) today announced sales for the fourth quarter ended January 2, 2016, of $596.9 million and net income of $32.2 million, or $0.71 per diluted share. Non-GAAP net income per diluted share improved 40 percent from the prior year quarter to $0.91, which excludes restructuring, goodwill and intangible impairment and transition costs.
Fourth Quarter and Year End Summary Comments
“We delivered double digit earnings growth in the fourth quarter despite a challenging economic environment. I'm pleased with our results in 2015 and the strong profit growth we've delivered over the last several years of modest economic recovery. We continue to compete well in our markets. We remain focused on executing operational performance improvements and reducing structural costs to drive long-term shareholder value," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.
The following information was filed by Hni Corp (HNI) on Thursday, February 11, 2016 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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