HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com
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 EARNINGS
FOR SECOND QUARTER FISCAL YEAR 2017
MUSCATINE, Iowa (July 24, 2017) – HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended July 1, 2017 of $514.5 million and net income of $13.8 million. GAAP net income per diluted share was $0.31 compared to $0.64 in the prior year. Non-GAAP net income per diluted share was $0.42 compared to $0.68 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.
"We continue to manage through a dynamic environment in our office furniture businesses. Our second quarter results were consistent with our prior announcement. Office furniture sales were negatively impacted by shipment timing and a greater than anticipated decline in the wholesale channel. We continue to aggressively respond to the changing environment by investing in new products and selling capabilities and advancing initiatives around quick ship, direct fulfillment. Though a short-term negative profit impact, our response to these shifts will make us stronger in the long term as we become closer to our customers, delivering unmatched value," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.
The following information was filed by Hni Corp (HNI) on Monday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Hni Corp's financial trajectory
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Ticker: HNI CIK: 48287 Form Type:10-Q Quarterly Report Accession Number: 0000048287-17-000150 Submitted to the SEC: Tue Aug 01 2017 10:18:13 AM EST Accepted by the SEC: Tue Aug 01 2017 Period: Saturday, July 1, 2017 Industry: Office Furniture No Wood