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HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com
News Release
For Information Contact:
Marshall H. Bridges, Vice President and Chief Financial Officer (563) 272-7400
Jack D. Herring, Treasurer, Director of Finance and Investor Relations (563) 506-9783
HNI CORPORATION REPORTS
INCREASED EARNINGS FOR FISCAL YEAR 2016
MUSCATINE, Iowa (FEBRUARY 8, 2017) – HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 31, 2016 of $2,203 million and net income of $86 million or $1.88 per diluted share. Non-GAAP net income per diluted share increased 1.6 percent from the prior year to $2.62.
Fourth quarter sales were $581 million and net income was $11 million or $0.24 per diluted share. Non-GAAP net income per diluted share decreased 9.9 percent from the prior year quarter to $0.82. GAAP to non-GAAP reconciliations follow the financial statements in this release.
Year-End Summary Comments
"2016 was another strong year. We increased non-GAAP operating margins 50 basis points while generating significant cash flow and increasing our strong dividend. Our businesses performed well as we strategically repositioned and simplified our portfolio to increase profitability. We continued to significantly invest in our businesses to drive long-term profitable growth. I am pleased with our 2016 results. We exit the year a stronger company, well positioned 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 Wednesday, February 8, 2017 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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