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Fourth Quarter - Financial Performance | ||||||||||
(Dollars in millions, except per share data) | ||||||||||
Three Months Ended | ||||||||||
December 29, 2018 | December 30, 2017 | Change | ||||||||
GAAP | ||||||||||
Net Sales | $598.1 | $584.3 | 2.4 | % | ||||||
Gross Profit % | 37.4 | % | 35.0 | % | 240 | bps | ||||
SG&A % | 27.9 | % | 30.1 | % | -220 | bps | ||||
Loss on sale and disposal of assets % | — | % | 0.8 | % | -80 | bps | ||||
Restructuring and impairment charges % | 2.2 | % | 5.8 | % | -360 | bps | ||||
Operating Income (Loss) | $43.8 | ($10.6 | ) | NM | ||||||
Operating Income (Loss) % | 7.3 | % | (1.8 | %) | 910 | bps | ||||
Effective Tax Rate | 22.4 | % | 359.9 | % | ||||||
Net Income % | 5.4 | % | 5.8 | % | -40 | bps | ||||
EPS – diluted | $0.73 | $0.77 | (5.2 | %) | ||||||
Non-GAAP | ||||||||||
Gross Profit % | 37.5 | % | 36.1 | % | 140 | bps | ||||
Operating Income | $57.8 | $35.2 | 64.2 | % | ||||||
Operating Income % | 9.7 | % | 6.0 | % | 370 | bps | ||||
EPS – diluted | $0.97 | $0.47 | 106.4 | % |
• | Consolidated net sales increased $13.8 million or 2.4 percent from the prior year quarter to $598.1 million. On an organic basis, sales increased 5.4 percent. The net impact of closing and divesting small office furniture companies decreased sales $17.1 million compared to the prior year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release. |
• | GAAP gross profit margin increased 240 basis points compared to the prior year quarter. Of this increase, 140 basis points were primarily driven by improved price realization and productivity partially offset by input cost inflation. The remaining increase of 100 basis points was due to lower restructuring and transition costs. |
• | Selling and administrative expenses decreased 220 basis points primarily due to increased efficiency, lower Business System Transformation costs, the impact of closing and divesting small office furniture companies, and lower incentive based compensation, partially offset by increased strategic investments. |
• | The Corporation recorded $0.3 million of restructuring costs and $0.6 million of transition costs in the fourth quarter in connection with previously announced facility closures and structural realignments. Of these charges, $0.6 million was included in cost of sales. The Corporation also recorded a $13.1 million impairment of goodwill, intangibles, and long-lived assets. |
Full Year - Financial Performance | ||||||||||
(Dollars in millions, except per share data) | ||||||||||
Twelve Months Ended | ||||||||||
December 29, 2018 | December 30, 2017 | Change | ||||||||
GAAP | ||||||||||
Net Sales | $2,257.9 | $2,175.9 | 3.8 | % | ||||||
Gross Profit % | 37.0 | % | 36.0 | % | 100 | bps | ||||
SG&A % | 30.6 | % | 30.9 | % | -30 | bps | ||||
(Gain) loss on sale, disposal, and license of assets % | — | % | (0.1 | %) | 10 | bps | ||||
Restructuring and impairment charges % | 0.7 | % | 1.7 | % | -100 | bps | ||||
Operating Income | $128.2 | $76.7 | 67.1 | % | ||||||
Operating Income % | 5.7 | % | 3.5 | % | 220 | bps | ||||
Effective Tax Rate | 21.4 | % | (27.4 | %) | ||||||
Net Income % | 4.1 | % | 4.1 | % | — | |||||
EPS – diluted | $2.11 | $2.00 | 5.5 | % | ||||||
Non-GAAP | ||||||||||
Gross Profit % | 37.1 | % | 37.3 | % | -20 | bps | ||||
Operating Income | $146.2 | $139.4 | 4.9 | % | ||||||
Operating Income % | 6.5 | % | 6.4 | % | 10 | bps | ||||
EPS – diluted | $2.41 | $1.97 | 22.3 | % |
• | Consolidated net sales increased $82.0 million or 3.8 percent from the prior year to $2,257.9 million. On an organic basis, sales increased 6.6 percent. The net impact of closing and divesting small office furniture companies decreased sales $57.6 million compared to the prior year. |
• | GAAP gross profit margin increased 100 basis points compared to the prior year. Input cost inflation partially offset by improved price realization, productivity and cost savings drove a decline of 20 basis points. This decline was more than offset by a 120 basis point increase due to lower restructuring and transition costs. |
• | Selling and administrative expenses as a percent of sales decreased 30 basis points compared to the prior year. This decrease was primarily due to increased efficiency and the impact of closing and divesting small office furniture companies, partially offset by Business Systems Transformation investment costs, increased strategic investments and higher incentive based compensation. |
• | The Corporation recorded $2.3 million of restructuring costs and $2.3 million of transition costs in 2018 in connection with previously announced facility closures and structural realignments. Of these charges, $2.3 million was included in cost of sales. Specific items include severance, accelerated depreciation, and production move costs. The Corporation also recorded net charges of $13.4 million related to impairments of goodwill, intangibles, and long-lived assets. |
Office Furniture – Financial Performance | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 29, 2018 | December 30, 2017 | Change | December 29, 2018 | December 30, 2017 | Change | |||||||||||||||||
GAAP | ||||||||||||||||||||||
Net Sales | $429.6 | $429.0 | 0.1 | % | $1,706.1 | $1,660.7 | 2.7 | % | ||||||||||||||
Operating Profit (Loss) | $11.8 | ($15.7 | ) | NM | $79.3 | $50.2 | 58.1 | % | ||||||||||||||
Operating Profit (Loss) % | 2.7 | % | (3.7 | %) | 640 | bps | 4.6 | % | 3.0 | % | 160 | bps | ||||||||||
Non-GAAP | ||||||||||||||||||||||
Operating Profit | $27.3 | $18.4 | 48.4 | % | $97.3 | $101.2 | (3.9 | %) | ||||||||||||||
Operating Profit % | 6.3 | % | 4.3 | % | 200 | bps | 5.7 | % | 6.1 | % | -40 | bps |
• | Fourth quarter office furniture net sales increased $0.6 million or 0.1 percent from the prior year quarter to $429.6 million. On an organic basis, sales increased 4.3 percent driven by increases in the supplies and contract businesses. The net impact of closing and divesting small office furniture companies decreased sales $17.1 million compared to the prior year quarter. |
• | Fourth quarter office furniture GAAP operating profit margin increased 640 basis points. Of this increase, 200 basis points were driven by improved price realization, reduced spending, lower incentive based compensation, and the impact of closing small office furniture companies, partially offset by lower volume and input cost inflation. The remaining increase of 440 basis points was due to lower nonrecurring items, which include restructuring and impairment charges, and transition costs. |
• | Full year office furniture net sales increased $45.4 million or 2.7 percent from the prior year to $1,706.1 million. On an organic basis, sales increased 6.4 percent driven by increases in the supplies and contract businesses. The net impact of closing and divesting small office furniture companies decreased sales $57.6 million compared to the prior year. |
• | Full year office furniture GAAP operating profit margin increased 160 basis points. Input cost inflation, amortization and implementation costs from the Business Systems Transformation initiative, and strategic investments were partially offset by improved price realization, productivity and cost savings, and the impact of closing and divesting small office furniture companies, driving a decline of 40 basis points. This decline was more than offset by a 200 basis point increase due to lower nonrecurring items, which include restructuring and impairment charges, and transition costs. |
Hearth Products – Financial Performance | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 29, 2018 | December 30, 2017 | Change | December 29, 2018 | December 30, 2017 | Change | |||||||||||||||||
GAAP | ||||||||||||||||||||||
Net Sales | $168.5 | $155.3 | 8.5 | % | $551.8 | $515.2 | 7.1 | % | ||||||||||||||
Operating Profit | $36.1 | $31.0 | 16.5 | % | $91.4 | $83.6 | 9.2 | % | ||||||||||||||
Operating Profit % | 21.4 | % | 20.0 | % | 140 | bps | 16.6 | % | 16.2 | % | 40 | bps | ||||||||||
Non-GAAP | ||||||||||||||||||||||
Operating Profit | $36.4 | $32.4 | 12.3 | % | $93.1 | $85.0 | 9.5 | % | ||||||||||||||
Operating Profit % | 21.6 | % | 20.9 | % | 70 | bps | 16.9 | % | 16.5 | % | 40 | bps |
• | Fourth quarter hearth products net sales increased $13.2 million or 8.5 percent from the prior year quarter to $168.5 million driven by increases in the new construction and retail businesses. |
• | Fourth quarter hearth products GAAP operating profit margin increased 140 basis points. Of this increase, 70 basis points were driven by improved price realization and higher sales volume, partially offset by input cost inflation. The remaining increase of 70 basis points was due to lower restructuring and transition costs. |
• | Full year hearth products net sales increased $36.6 million or 7.1 percent from the prior year to $551.8 million driven by increases in the new construction and retail businesses. |
• | Full year hearth products GAAP operating profit margin increased 40 basis points. This 40 basis points increase was primarily driven by higher sales volume, productivity and cost savings, and improved price realization, partially offset by input cost inflation and higher incentive based compensation. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 29, 2018 | December 30, 2017 | December 29, 2018 | December 30, 2017 | ||||||||||||
Net sales | $ | 598,092 | $ | 584,275 | $ | 2,257,895 | $ | 2,175,882 | |||||||
Cost of sales | 374,174 | 380,006 | 1,422,857 | 1,391,894 | |||||||||||
Gross profit | 223,918 | 204,269 | 835,038 | 783,988 | |||||||||||
Selling and administrative expenses | 166,695 | 175,934 | 691,140 | 671,831 | |||||||||||
(Gain) loss on sale, disposal, and license of assets | — | 4,856 | — | (1,949 | ) | ||||||||||
Restructuring and impairment charges | 13,422 | 34,091 | 15,725 | 37,416 | |||||||||||
Operating income (loss) | 43,801 | (10,612) | 128,173 | 76,690 | |||||||||||
Interest income | 297 | (170) | 579 | 297 | |||||||||||
Interest expense | 2,370 | 2,147 | 10,027 | 6,375 | |||||||||||
Income before income taxes | 41,728 | (12,929) | 118,725 | 70,612 | |||||||||||
Income tax expense (benefit) | 9,366 | (46,859) | 25,399 | (19,286) | |||||||||||
Net income | 32,362 | 33,930 | 93,326 | 89,898 | |||||||||||
Less: Net income (loss) attributable to the non-controlling interest | (1 | ) | 91 | (51 | ) | 103 | |||||||||
Net income attributable to HNI Corporation | $ | 32,363 | $ | 33,839 | $ | 93,377 | $ | 89,795 | |||||||
Average number of common shares outstanding – basic | 43,707,873 | 43,444,885 | 43,639,003 | 43,839,004 | |||||||||||
Net income attributable to HNI Corporation per common share – basic | $ | 0.74 | $ | 0.78 | $ | 2.14 | $ | 2.05 | |||||||
Average number of common shares outstanding – diluted | 44,310,574 | 44,153,300 | 44,327,602 | 44,839,813 | |||||||||||
Net income attributable to HNI Corporation per common share – diluted | $ | 0.73 | $ | 0.77 | $ | 2.11 | $ | 2.00 |
December 29, 2018 | December 30, 2017 | ||||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 76,819 | $ | 23,348 | |||
Short-term investments | 1,327 | 2,015 | |||||
Receivables | 255,207 | 258,551 | |||||
Inventories | 157,178 | 155,683 | |||||
Prepaid expenses and other current assets | 41,352 | 49,283 | |||||
Total Current Assets | 531,883 | 488,880 | |||||
Property, Plant, and Equipment: | |||||||
Land and land improvements | 28,377 | 28,593 | |||||
Buildings | 290,263 | 306,137 | |||||
Machinery and equipment | 565,884 | 556,571 | |||||
Construction in progress | 28,443 | 39,788 | |||||
912,967 | 931,089 | ||||||
Less accumulated depreciation | 528,034 | 540,768 | |||||
Net Property, Plant, and Equipment | 384,933 | 390,321 | |||||
Goodwill and Other Intangible Assets | 463,290 | 490,892 | |||||
Deferred Income Taxes | 1,569 | 193 | |||||
Other Assets | 20,169 | 21,264 | |||||
Total Assets | $ | 1,401,844 | $ | 1,391,550 | |||
Liabilities and Equity | |||||||
Current Liabilities: | |||||||
Accounts payable and accrued expenses | $ | 428,865 | $ | 450,128 | |||
Current maturities of long-term debt | 679 | 36,648 | |||||
Current maturities of other long-term obligations | 4,764 | 2,927 | |||||
Total Current Liabilities | 434,308 | 489,703 | |||||
Long-Term Debt | 249,355 | 240,000 | |||||
Other Long-Term Liabilities | 72,767 | 70,409 | |||||
Deferred Income Taxes | 82,155 | 76,861 | |||||
Equity: | |||||||
HNI Corporation shareholders' equity | 562,933 | 514,068 | |||||
Non-controlling interest | 326 | 509 | |||||
Total Equity | 563,259 | 514,577 | |||||
Total Liabilities and Equity | $ | 1,401,844 | $ | 1,391,550 |
Twelve Months Ended | |||||||
December 29, 2018 | December 30, 2017 | ||||||
Net Cash Flows From (To) Operating Activities: | |||||||
Net income | $ | 93,326 | $ | 89,898 | |||
Non-cash items included in net income: | |||||||
Depreciation and amortization | 74,788 | 72,872 | |||||
Other post-retirement and post-employment benefits | 1,767 | 1,592 | |||||
Stock-based compensation | 7,317 | 7,750 | |||||
Deferred income taxes | 3,197 | (33,606 | ) | ||||
(Gain) loss on sale, retirement, license, and impairment of long-lived assets and intangibles, net | 16,264 | 30,892 | |||||
Amortization of deferred gain on sale leaseback transaction | (400 | ) | — | ||||
Other – net | (1,336 | ) | (1,949 | ) | |||
Net increase (decrease) in operating assets and liabilities, net of divestitures | (10,729 | ) | (29,409 | ) | |||
Increase (decrease) in other liabilities | 2,236 | (4,891 | ) | ||||
Net cash flows from (to) operating activities | 186,430 | 133,149 | |||||
Net Cash Flows From (To) Investing Activities: | |||||||
Capital expenditures | (55,648 | ) | (109,243 | ) | |||
Proceeds from sale and license of property, plant, equipment, and intangibles | 23,767 | 9,009 | |||||
Capitalized software | (8,048 | ) | (18,148 | ) | |||
Acquisition spending, net of cash acquired | (2,850 | ) | (898 | ) | |||
Purchase of investments | (2,676 | ) | (3,451 | ) | |||
Sales or maturities of investments | 3,100 | 3,197 | |||||
Other – net | 1,135 | 1,510 | |||||
Net cash flows from (to) investing activities | (41,220 | ) | (118,024 | ) | |||
Net Cash Flows From (To) Financing Activities: | |||||||
Payments of note and long-term debt and other financing | (352,727 | ) | (274,343 | ) | |||
Proceeds from long-term debt | 323,075 | 339,337 | |||||
Dividends paid | (51,085 | ) | (49,557 | ) | |||
Purchase of HNI Corporation common stock | (30,452 | ) | (57,505 | ) | |||
Proceeds from sales of HNI Corporation common stock | 19,606 | 14,224 | |||||
Withholding related to net share settlements of equity based awards | (156 | ) | (245 | ) | |||
Net cash flows from (to) financing activities | (91,739 | ) | (28,089 | ) | |||
Net increase (decrease) in cash and cash equivalents | 53,471 | (12,964 | ) | ||||
Cash and cash equivalents at beginning of period | 23,348 | 36,312 | |||||
Cash and cash equivalents at end of period | $ | 76,819 | $ | 23,348 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 29, 2018 | December 30, 2017 | December 29, 2018 | December 30, 2017 | ||||||||||||
Net Sales: | |||||||||||||||
Office furniture | $ | 429,612 | $ | 428,987 | $ | 1,706,092 | $ | 1,660,723 | |||||||
Hearth products | 168,480 | 155,288 | 551,803 | 515,159 | |||||||||||
Total | $ | 598,092 | $ | 584,275 | $ | 2,257,895 | $ | 2,175,882 | |||||||
Income Before Income Taxes: | |||||||||||||||
Office furniture | $ | 11,808 | $ | (15,680 | ) | $ | 79,323 | $ | 50,176 | ||||||
Hearth products | 36,117 | 30,997 | 91,367 | 83,649 | |||||||||||
General corporate | (4,124 | ) | (25,929 | ) | (42,517 | ) | (57,135 | ) | |||||||
Operating Income | $ | 43,801 | $ | (10,612 | ) | $ | 128,173 | $ | 76,690 | ||||||
Interest expense, net | 2,073 | 2,317 | 9,448 | 6,078 | |||||||||||
Total | $ | 41,728 | $ | (12,929 | ) | $ | 118,725 | $ | 70,612 | ||||||
Depreciation and Amortization Expense: | |||||||||||||||
Office furniture | $ | 11,101 | $ | 10,920 | $ | 44,303 | $ | 48,435 | |||||||
Hearth products | 2,091 | 1,942 | 8,171 | 10,109 | |||||||||||
General corporate | 5,709 | 5,487 | 22,314 | 14,328 | |||||||||||
Total | $ | 18,901 | $ | 18,349 | $ | 74,788 | $ | 72,872 | |||||||
Capital Expenditures (including capitalized software): | |||||||||||||||
Office furniture | $ | 12,539 | $ | 14,991 | $ | 47,860 | $ | 79,458 | |||||||
Hearth products | 2,537 | 4,538 | 8,854 | 17,356 | |||||||||||
General corporate | 1,641 | 3,971 | 6,982 | 30,577 | |||||||||||
Total | $ | 16,717 | $ | 23,500 | $ | 63,696 | $ | 127,391 | |||||||
As of December 29, 2018 | As of December 30, 2017 | ||||||||||||||
Identifiable Assets: | |||||||||||||||
Office furniture | $ | 797,574 | $ | 821,767 | |||||||||||
Hearth products | 352,060 | 347,189 | |||||||||||||
General corporate | 252,210 | 222,594 | |||||||||||||
Total | $ | 1,401,844 | $ | 1,391,550 |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 29, 2018 | December 30, 2017 | ||||||||||||||||||
Office Furniture | Hearth | Total | Office Furniture | Hearth | Total | ||||||||||||||
Sales as reported (GAAP) | $ | 429.6 | $ | 168.5 | $ | 598.1 | $ | 429.0 | $ | 155.3 | $ | 584.3 | |||||||
% change from PY | 0.1 | % | 8.5 | % | 2.4 | % | |||||||||||||
Less: Impact of Acquisitions and Divestitures | — | — | — | 17.1 | — | 17.1 | |||||||||||||
Organic Sales (non-GAAP) | $ | 429.6 | $ | 168.5 | $ | 598.1 | $ | 411.9 | $ | 155.3 | $ | 567.2 | |||||||
% change from PY | 4.3 | % | 8.5 | % | 5.4 | % |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||
December 29, 2018 | December 30, 2017 | ||||||||||||||||||
Office Furniture | Hearth | Total | Office Furniture | Hearth | Total | ||||||||||||||
Sales as reported (GAAP) | $ | 1,706.1 | $ | 551.8 | $ | 2,257.9 | $ | 1,660.7 | $ | 515.2 | $ | 2,175.9 | |||||||
% change from PY | 2.7 | % | 7.1 | % | 3.8 | % | |||||||||||||
Less: Impact of Acquisitions and Divestitures | 4.2 | — | 4.2 | 61.8 | — | 61.8 | |||||||||||||
Organic Sales (non-GAAP) | $ | 1,701.9 | $ | 551.8 | $ | 2,253.7 | $ | 1,599.0 | $ | 515.2 | $ | 2,114.1 | |||||||
% change from PY | 6.4 | % | 7.1 | % | 6.6 | % |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 29, 2018 | |||||||||||||||||||
Gross Profit | Operating Income (Loss) | Tax | Net Income | EPS | |||||||||||||||
As reported (GAAP) | $ | 223.9 | $ | 43.8 | $ | 9.4 | $ | 32.4 | $ | 0.73 | |||||||||
% of net sales | 37.4 | % | 7.3 | % | 5.4 | % | |||||||||||||
Tax % | 22.4 | % | |||||||||||||||||
Restructuring charges | — | 0.3 | 0.1 | 0.3 | 0.01 | ||||||||||||||
Impairment charges | — | 13.1 | 3.3 | 9.7 | 0.22 | ||||||||||||||
Transition costs | 0.6 | 0.6 | 0.1 | 0.4 | 0.01 | ||||||||||||||
Results (non-GAAP) | $ | 224.5 | $ | 57.8 | $ | 12.9 | $ | 42.8 | $ | 0.97 | |||||||||
% of net sales | 37.5 | % | 9.7 | % | 7.2 | % | |||||||||||||
Tax % | 23.2 | % |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
December 30, 2017 | |||||||||||||||||||
Gross Profit | Operating Income (Loss) | Tax | Net Income | EPS | |||||||||||||||
As reported (GAAP) | $ | 204.3 | $ | (10.6 | ) | $ | (46.9 | ) | $ | 33.8 | $ | 0.77 | |||||||
% of net sales | 35.0 | % | (1.8 | %) | 5.8 | % | |||||||||||||
Tax % | 359.9 | % | |||||||||||||||||
Restructuring charges | 1.6 | 4.5 | 1.5 | 3.0 | 0.07 | ||||||||||||||
Impairment charges | — | 20.9 | 7.2 | 13.8 | 0.31 | ||||||||||||||
Transition costs | 5.3 | 5.3 | 1.8 | 3.5 | 0.08 | ||||||||||||||
Valuation allowance of long-term note receivable | — | 10.3 | 0.4 | 9.8 | 0.22 | ||||||||||||||
Loss on disposal of assets | — | 4.8 | 3.0 | 1.8 | 0.04 | ||||||||||||||
Tax legislation | — | — | 44.8 | (44.8 | ) | (1.02 | ) | ||||||||||||
Results (non-GAAP) | $ | 211.2 | $ | 35.2 | $ | 11.8 | $ | 20.9 | $ | 0.47 | |||||||||
% of net sales | 36.1 | % | 6.0 | % | 3.6 | % | |||||||||||||
Tax % | 36.4 | % |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||
December 29, 2018 | |||||||||||||||||||
Gross Profit | Operating Income | Tax | Net Income | EPS | |||||||||||||||
As reported (GAAP) | $ | 835.0 | $ | 128.2 | $ | 25.4 | $ | 93.4 | $ | 2.11 | |||||||||
% of net sales | 37.0 | % | 5.7 | % | 4.1 | % | |||||||||||||
Tax % | 21.4 | % | |||||||||||||||||
Restructuring charges | — | 2.3 | 0.6 | 1.7 | 0.04 | ||||||||||||||
Impairment charges | — | 13.4 | 3.5 | 9.9 | 0.22 | ||||||||||||||
Transition costs | 2.3 | 2.3 | 0.5 | 1.7 | 0.04 | ||||||||||||||
Results (non-GAAP) | $ | 837.3 | $ | 146.2 | $ | 30.0 | $ | 106.7 | $ | 2.41 | |||||||||
% of net sales | 37.1 | % | 6.5 | % | 4.7 | % | |||||||||||||
Tax % | 22.0 | % |
HNI Corporation Reconciliation | |||||||||||||||||||
(Dollars in millions, except per share data) | |||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||
December 30, 2017 | |||||||||||||||||||
Gross Profit | Operating Income | Tax | Net Income | EPS | |||||||||||||||
As reported (GAAP) | $ | 784.0 | $76.7 | $ | (19.3 | ) | $ | 89.8 | $ | 2.00 | |||||||||
% of net sales | 36.0 | % | 3.5 | % | 4.1 | % | |||||||||||||
Tax % | (27.4 | %) | |||||||||||||||||
Restructuring charges | 10.3 | 16.5 | 5.6 | 10.9 | 0.25 | ||||||||||||||
Impairment charges | — | 20.9 | 7.1 | 13.9 | 0.31 | ||||||||||||||
Transition costs | 17.0 | 17.0 | 5.7 | 11.2 | 0.25 | ||||||||||||||
Valuation allowance of long-term note receivable | — | 10.3 | 0.4 | 9.8 | 0.22 | ||||||||||||||
(Gain) loss on sale, disposal, and license of assets | — | (2.0 | ) | 0.7 | (2.7 | ) | (0.06 | ) | |||||||||||
Tax legislation | — | — | 44.8 | (44.8 | ) | (1.00 | ) | ||||||||||||
Results (non-GAAP) | $ | 811.3 | $ | 139.4 | $ | 45.0 | $ | 88.1 | $ | 1.97 | |||||||||
% of net sales | 37.3 | % | 6.4 | % | 4.1 | % | |||||||||||||
Tax % | 33.9 | % |
Office Furniture Reconciliation | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 29, 2018 | December 30, 2017 | Percent Change | December 29, 2018 | December 30, 2017 | Percent Change | |||||||||||||||||
Operating profit (loss) as reported (GAAP) | $11.8 | ($15.7 | ) | NM | $79.3 | $50.2 | 58.1 | % | ||||||||||||||
% of net sales | 2.7 | % | (3.7 | %) | 4.6 | % | 3.0 | % | ||||||||||||||
Restructuring charges | 0.2 | 3.8 | 1.5 | 11.6 | ||||||||||||||||||
Impairment charges | 14.9 | 20.9 | 14.9 | 20.9 | ||||||||||||||||||
Transition costs | 0.4 | 4.6 | 1.6 | 13.7 | ||||||||||||||||||
Loss on sale and disposal of assets | — | 4.8 | — | 4.8 | ||||||||||||||||||
Operating profit (non-GAAP) | $27.3 | $18.4 | 48.4 | % | $97.3 | $101.2 | (3.9 | %) | ||||||||||||||
% of net sales | 6.3 | % | 4.3 | % | 5.7 | % | 6.1 | % | ||||||||||||||
Hearth Reconciliation | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
December 29, 2018 | December 30, 2017 | Percent Change | December 29, 2018 | December 30, 2017 | Percent Change | |||||||||||||||||
Operating profit as reported (GAAP) | $36.1 | $31.0 | 16.5 | % | $91.4 | $83.6 | 9.2 | % | ||||||||||||||
% of net sales | 21.4 | % | 20.0 | % | 16.6 | % | 16.2 | % | ||||||||||||||
Restructuring charges | 0.2 | 0.7 | 0.8 | 4.9 | ||||||||||||||||||
Impairment charges | — | — | 0.3 | — | ||||||||||||||||||
Transition costs | 0.1 | 0.7 | 0.6 | 3.3 | ||||||||||||||||||
Gain on sale and license of assets | — | — | — | (6.8 | ) | |||||||||||||||||
Operating profit (non-GAAP) | $36.4 | $32.4 | 12.3 | % | $93.1 | $85.0 | 9.5 | % | ||||||||||||||
% of net sales | 21.6 | % | 20.9 | % | 16.9 | % | 16.5 | % |
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