Hni Corp (HNI) 10-Q Quarterly Report Tue May 04 2021

HNI Corporation (NYSE: HNI) today announced sales for the first quarter ended April 3, 2021 of $484.3 million and net income of $15.0 million. GAAP net income (loss) per diluted share was $0.34, compared to $(0.56) in the prior year. Non-GAAP net income per diluted share was $0.36, compared to $0.21 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

First Quarter Highlights

•Strong results in Residential Building Products: First quarter 2021 revenue grew 39 percent on a year-over-year basis, and operating margin expanded 600 basis points from prior-year, pre-COVID levels. This fueled a greater than 90 percent year-over-year increase in segment operating profit to a first quarter record of $39.8 million.

•Signs of improvement in Workplace Furnishings: First quarter 2021 revenue was down approximately 12 percent from the first quarter of 2020, on an organic basis. This rate of decline was the lowest since the beginning of the pandemic.

•Strong incremental margins: Non-GAAP consolidated operating income increased 67 percent year-over-year (or $9.4 million) to $23.3 million on two percent organic revenue growth (or $6.8 million). This equated to a 60 percent incremental operating margin, which was primarily driven by volume leverage in the Residential Building Products segment and solid cost control in the Workplace Furnishings segment, as both segments benefited from the Corporation’s annual cost savings initiatives and cost actions taken last year to combat pandemic pressures.

•High-quality balance sheet: Quarter-ending debt levels were $176 million, essentially unchanged from last quarter and down from $230 million at the end of the first quarter of last year. The gross leverage ratio at the end of the first quarter of 2021 was approximately 0.9x, slightly improved from last

The following information was filed by Hni Corp (HNI) on Wednesday, April 28, 2021 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:

Revenue - Product Highlight
The increase was primarily driven by strong volume growth and SG&A leverage, partially offset by unfavorable price-cost and higher variable compensation.

Financial - Expense Highlight
Selling and Administrative Expenses Selling and administrative expenses as a percentage of net sales decreased 310 basis points in the first quarter of 2021 compared to the same quarter last year due to lower core SG&A, higher residential building products volume, and freight and distribution productivity, partially offset by lower workplace furnishings volume and higher variable compensation.
Revenue - Product Highlight
However, management believes the Corporation is well positioned to grow revenues, expand margins, and generate cash flows as it moves into the next stage of the recovery.
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 January 2, 2021, 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
Net Income (Loss) Attributable to...Read more
Financial - Earnings
Operating profit as a percentage...Read more
Financial - Expense
The prior-year quarter included $32.7...Read more
Revenue - Product
Included in the sales results...Read more
Revenue - Product
Included in the sales results...Read more
Revenue - Product
Included in the sales results...Read more
M & A - Other
The acquisition of DPG in...Read more
Revenue - Product
Consolidated net sales for the...Read more
Financial - Shares
Management believes the Corporation continues...Read more
Financial - Cash Flow
The increase in operating cash...Read more
Financial - Earnings
Gross Profit Gross profit as...Read more
Financial - Dividend
Dividend - The Corporation is...Read more
Revenue - Product
Workplace Furnishings The following table...Read more
Financial - Expense
Additionally, the prior-year quarter included...Read more
Financial - Expense
Additionally, the prior-year quarter included...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: 0000048287-21-000074
Submitted to the SEC: Tue May 04 2021 8:33:38 AM EST
Accepted by the SEC: Tue May 04 2021
Period: Saturday, April 3, 2021
Industry: Office Furniture No Wood