Hni Corp (HNI) 10-Q Quarterly Report October 2019

MUSCATINE, Iowa (October 23, 2019) – HNI Corporation (NYSE: HNI) today announced sales for the third quarter ended September 28, 2019 of $625.4 million and net income of $46.1 million. GAAP net income per diluted share was $1.07 compared to $0.89 in the prior year. Non-GAAP net income per diluted share was $1.08 compared to $0.90 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Third Quarter Summary Comments

"Our teams delivered strong profit growth during the third quarter. The demand environment remains dynamic, and our organization continues to adjust and drive value for shareholders," said Jeff Lorenger, HNI Corporation President and Chief Executive Officer.

The following information was filed by Hni Corp (HNI) on Wednesday, October 23, 2019 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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Inside Hni Corp's 10-Q Quarterly Report:

Financial - Expense Highlight
These expenditures are primarily focused on machinery, equipment, and tooling required to support new products, continuous improvements, and cost savings initiatives in manufacturing processes.

M & A - Other Highlight
The risks and uncertainties described in this report, as well as those described within Item 1A of the Corporation's Annual Report on Form 10-K for the fiscal year ended December 29, 2018, are not exclusive and further information concerning the Corporation, including factors that potentially could have a material effect on the Corporation's financial results or condition, may emerge from time to time.
Other - Other Highlight
The proceeds were used to repay outstanding borrowings under the revolving credit facility.
Financial - Shares Highlight
This was a 3.4 percent per share increase over the comparable prior year quarterly dividend paid on September 4, 2018.
Financial - Earnings Highlight
Operating profit as a percentage of net sales increased 90 basis points in the third quarter of 2019 compared to the same quarter last year.
Financial - Earnings
Operating profit as a percentage...Read more
Other - Other
Topic 326 replaces the incurred...Read more
Revenue - Product
Office furniture segment sales decreased...Read more
Revenue - Product
Sales decreased primarily due to...Read more
Financial - Earnings
Operating profit as a percentage...Read more
Financial - Earnings
Operating profit as a percentage...Read more
Financial - Expense
An increase in non-cash items...Read more
Financial - Expense
Of this increase, 30 basis...Read more
Financial - Expense
This decline was partially offset...Read more
Revenue - Product
Net sales for the third...Read more
Financial - Shares
Management believes the Corporation continues...Read more
Financial - Earnings
Topic 326 becomes effective for...Read more
Financial - Dividend
Dividend - The Corporation is...Read more
Financial - Income
The income tax provision reflects...Read more
Financial - Expense
This increase was driven by...Read more
Financial - Income
The Corporation's income tax provision...Read more
Financial - Income
For the third quarter of...Read more
Financial - Income
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For the first nine months...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Hni Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: HNI
CIK: 48287
Form Type: 10-Q Quarterly Report
Accession Number: 0000048287-19-000141
Submitted to the SEC: Tue Oct 29 2019 5:13:34 AM EST
Accepted by the SEC: Tue Oct 29 2019
Period: Saturday, September 28, 2019
Industry: Office Furniture No Wood