Hni Corp (HNI) 10-Q Quarterly Report Tue Oct 27 2020

HNI Corporation (NYSE: HNI) today announced sales for the third quarter ended September 26, 2020 of $507.1 million and net income of $30.7 million. GAAP net income per diluted share was $0.71, compared to $1.07 in the prior year. Non-GAAP net income per diluted share was $0.71, compared to $1.08 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Third Quarter Highlights

•Strong results in Residential Building Products: Third quarter operating profit increased 27 percent; operating margin expanded 270 basis points; and net sales grew 9.3 percent on a year-over-year basis.

•Solid profits in Workplace Furnishings: Third quarter 2020 operating profit was nearly $17 million, despite a 27 percent year-over-year contraction on the segment’s top line.

•Continued strong cash flow: Third quarter operating cash flow increased $12.7 million or 12 percent versus the prior year quarter despite continued pandemic related top-line pressures. Operating cash flow for the first three quarters of 2020 totaled $143 million, which represents a 24 percent increase compared to the prior year period.

•High-quality balance sheet: Quarter-ending debt levels were $175 million with a gross leverage ratio of approximately 0.9x. Cash totaled $109 million as of the end of the third quarter, representing an increase of $83 million from the second quarter balance.

“Our members delivered another solid quarter in an environment that remains uniquely challenging. And, again in the third quarter, our results demonstrate much of what is unique about HNI. Our diversified revenue streams, our ability and willingness to invest despite ongoing uncertainty, and our cost and expense

The following information was filed by Hni Corp (HNI) on Monday, October 19, 2020 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:

Other - Other Highlight
The Corporation implemented workplace health and safety measures consistent with guidelines from the Centers for Disease Control and Prevention and has taken strong measures to create social distancing and keep members safe.

Financial - Earnings Highlight
Gross Profit Gross profit as a percentage of net sales remained flat in the first nine months of 2020 compared to the same period last year as lower volume was offset by net productivity and favorable price-cost.
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 28, 2019 and Part II, Item 1A of this report, 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.
Financial - Earnings Highlight
Operating profit as a percentage of net sales increased 270 basis points in the third quarter of 2020 compared to the same quarter last year.
Financial - Earnings
Operating profit as a percentage...Read more
Financial - Cash Flow
The increase in operating cash...Read more
Financial - Expense
In the current year period,...Read more
Financial - Earnings
Operating profit as a percentage...Read more
Revenue - Product
22 Results of Operations The...Read more
Revenue - Product
Workplace Furnishings The following table...Read more
Financial - Shares
Management believes the Corporation continues...Read more
Other - Other
The new standard becomes effective...Read more
Revenue - Product
The decrease was driven by...Read more
Revenue - Product
However, management expects fourth quarter...Read more
Financial - Expense
23 Selling and Administrative Expenses...Read more
Financial - Income
The decrease was due to...Read more
Financial - Dividend
26 Dividend - The Corporation...Read more
Financial - Cash Flow
Cash flows are anticipated to...Read more
Financial - Earnings
Net Income Attributable to HNI...Read more
Revenue - Product
Nine months ended Net sales...Read more
Revenue - Product
Looking Ahead Management continues to...Read more
Financial - Expense
The increase was primarily driven...Read more
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Financial - Income
For the third quarter of...Read more
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For the first nine months...Read more
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Results of Operations - Nine...Read more
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Income Taxes The Corporation's income...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: 0000048287-20-000149
Submitted to the SEC: Tue Oct 27 2020 8:38:59 AM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Saturday, September 26, 2020
Industry: Office Furniture No Wood