Hni Corp (HNI) 10-K Annual Report Tue Mar 01 2022

HNI Corporation (NYSE: HNI) today announced sales for the full year ended January 1, 2022 of $2.184 billion and net income of $59.8 million. GAAP net income per diluted share was $1.36, compared to $0.98 in the prior year. Non-GAAP net income per diluted share was $1.63, compared to $1.79 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth quarter sales of $602.9 million were up 7 percent from year-ago levels, and fourth quarter net income was $8.2 million. GAAP net income per diluted share was $0.19, compared to $0.52 in the prior year. Non-GAAP net income per diluted share was $0.43, compared to $0.66 in the prior year.

Fourth Quarter Highlights

•Multiple actions to improve long-term profitability in Workplace Furnishings. Segment profitability in Workplace Furnishings declined in the fourth quarter primarily driven by unfavorable price-cost. During the quarter, the Corporation took several actions to simplify its business and drive long-term profitability:

–Business simplification. The Corporation implemented plans to exit a small office furniture brand and restructure an eCommerce business—both moves are consistent with the Corporation’s broader business simplification and margin-enhancement efforts.

–Price-cost. The Corporation also implemented additional price increases across its brands to address inflationary pressures. As a result, the Corporation expects price-cost to be neutral in the first quarter and a positive contributor to second half 2022 profitability.

–Labor capacity. The Corporation continued efforts to expand capacity, including the start-up of a seating manufacturing facility in Mexico. These efforts are expected to increasingly benefit segment revenue and profit as 2022 progresses.

•High-teens operating profit in Residential Building Products. Production output and revenue in the Residential Building Products segment continued to be negatively impacted by labor availability, supply chain pressures, and COVID outbreaks. Despite these pressures, the segment posted operating profit margin above 18%. For the year, segment operating profit increased 30% to $142 million.

The following information was filed by Hni Corp (HNI) on Monday, February 28, 2022 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-K Annual 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-K Annual Report:

Other - Other Highlight
An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements.

Revenue - Product Highlight
Operating loss as a percentage of net sales was 40 basis points more favorable in 2021 compared to 2020, driven by lower restructuring, impairment, and one-time costs and improved net productivity, partially offset by unfavorable price-cost.
Financial - Expense Highlight
The actuarial valuations are based on historical and current factors such as cost experience, claim frequency, and demographic information, along with certain assumptions about future events including legal actions, medical cost inflation, the number or severity of claims, and the magnitude and change of actual experience development.
Financial - Dividend Highlight
Cash dividends declared and paid per share are as follows (in dollars): The last quarterly dividend increase was from $0.305 to $0.310 per common share effective with the June 1, 2021 dividend payment for shareholders of record at the close of business on May 21, 2021.
Revenue - Product Highlight
The increase was driven by SG&A leverage from higher sales volume, partially offset by unfavorable price-cost.
Revenue - Product
Included in the 2021 sales...Read more
Financial - Expense
Unfavorable price-cost was attributable to...Read more
Revenue - Product
However, management believes the Corporation...Read more
Financial - Expense
These expenditures are primarily focused...Read more
Financial - Earnings
Operating profit as a percentage...Read more
Revenue - Product
Demand moderated in the eCommerce...Read more
Other - Other
Post-Retirement Benefit Plan - Post-retirement...Read more
Revenue - Product
The change was driven by...Read more
Financial - Expense
Selling and administrative expenses include...Read more
Financial - Expense
However, ongoing pandemic-induced difficulties tied...Read more
Revenue - Product
Included in the 2021 sales...Read more
Revenue - Product
Residential Building Products The following...Read more
Revenue - Product
The results were driven by...Read more
Revenue - Product
Prior year end working capital...Read more
Financial - Shares
Management believes the Corporation continues...Read more
Revenue - Product
Furthermore, included in the 2021...Read more
Other - Other
Restructuring and Impairment Charges" in...Read more
Revenue - Product
The Outdoor GreatRoom Company ("OGC"),...Read more
Revenue - Product
Consolidated net sales for 2021...Read more
Revenue - Product
Price realization across most channels...Read more
Financial - Earnings
Both actions are aimed at...Read more
Financial - Dividend
Dividend - The Corporation is...Read more
Financial - Expense
In the current year, the...Read more
Financial - Shares
Additionally, the increased rate in...Read more
Financial - Income
Operating Income For 2021, operating...Read more
Other - Other
Goodwill and Other Intangible Assets"...Read more
M & A - Other
The acquisitions of Design Public...Read more
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The increase was driven by...Read more
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In 2020, the workplace furnishings...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Hni Corp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0000048287-22-000071
Submitted to the SEC: Tue Mar 01 2022 8:35:05 AM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Saturday, January 1, 2022
Industry: Office Furniture No Wood