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, 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 FOURTH QUARTER AND FISCAL YEAR 2017

MUSCATINE, Iowa (February 8, 2018) – HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 30, 2017 of $2,176 million and net income of $90 million. GAAP net income per diluted share was $2.00 compared to $1.88 in the prior year. GAAP net income includes a one-time tax benefit of $45 million related to the recently enacted tax legislation, partially offset by several nonrecurring charges. Non-GAAP net income per diluted share was $1.97 compared to $2.62 in the prior year.

Fourth quarter sales were $584 million and net income was $34 million. GAAP net income per diluted share, which also includes the tax legislation impact and several nonrecurring charges, was $0.77 compared to $0.24 in the prior year. Non-GAAP net income per diluted share was $0.47 compared to $0.82 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth Quarter Summary Comments
“Our fourth quarter played out as we expected. We stabilized our supplies-driven business, made strong progress with our operational transformations, and positioned our Business Systems Transformation initiative for a successful go-live. The new tax legislation created a positive non-cash adjustment of our deferred tax liabilities and will lower our future tax expense. We also incurred several charges reflecting our multi-year effort to advance our operational capability and optimize our business portfolio. With this round of efforts largely complete, we are excited about our market momentum and the platform we’ve built to drive long-term shareholder value,” said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.




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The following information was filed by Hni Corp (HNI) on Thursday, February 8, 2018 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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