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, Senior 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 STRONG SALES GROWTH
FOR FIRST QUARTER FISCAL YEAR 2018
MUSCATINE, Iowa (April 20, 2018) – HNI Corporation (NYSE: HNI) today announced sales for the first quarter ended March 31, 2018 of $505.1 million and net income of $2.5 million. GAAP net income per diluted share was $0.06 compared to $0.11 in the prior year. Non-GAAP net income per diluted share was $0.10 compared to $0.26 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.
This news release is being issued earlier than previously scheduled to coincide with the announcement of the leadership change communicated today. As previously scheduled, HNI Corporation will host a conference call on Tuesday, May 1, 2018 at 10:00 a.m. (Central) to discuss first quarter fiscal year 2018 results.
"First quarter results exceeded our expectations led by strong organic sales growth. All of our businesses, supplies-driven, contract, and Hearth, performed well and delivered significant top-line improvement. We achieved a significant milestone with the successful go-live of our Business Systems Transformation initiative. This, combined with the completion of our operational transformations, makes us a stronger company, well positioned to drive long-term profitable growth for our shareholders," said Stan Askren, HNI Corporation Chairman and Chief Executive Officer.
The following information was filed by Hni Corp (HNI) on Friday, April 20, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: HNI CIK: 48287 Form Type:10-Q Quarterly Report Accession Number: 0000048287-18-000128 Submitted to the SEC: Tue May 01 2018 4:41:05 PM EST Accepted by the SEC: Tue May 01 2018 Period: Saturday, March 31, 2018 Industry: Office Furniture No Wood
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