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Hni Corp (HNI) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 2, 2022

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HNI Quarterly Reports

Hni Corp

CIK: 48287 Ticker: HNI




HNI Corporation 600 East Second Street, Muscatine, Iowa 52761, Tel 563 272 7400, Fax 563 272 7347, www.hnicorp.com

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News Release
                                    
For Information Contact:
Marshall H. Bridges, Senior Vice President and Chief Financial Officer (563) 272-7400
Matthew S. McCall, Vice President, Investor Relations and Corporate Development (563) 275-8898

HNI CORPORATION REPORTS EARNINGS
FOR SECOND QUARTER FISCAL YEAR 2022

MUSCATINE, Iowa (July 28, 2022) –
HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended July 2, 2022 of $621.7 million and net income of $30.3 million. GAAP net income per diluted share was $0.72, compared to $0.39 in the prior year. Non-GAAP net income per diluted share was $0.52, compared to $0.40 in the prior year. GAAP to Non-GAAP reconciliations follow the financial statements in this release.

Highlights
Strong earnings growth. In the second quarter, the Corporation delivered 23 percent operating income growth and increased non-GAAP earnings per share 30 percent on a year-over-year basis, driven by solid organic volume growth and positive price-cost.
Lamex divestiture allows for better focus on core strategies. Consistent with previously announced portfolio streamlining plans, last week the Corporation sold its China- and Hong Kong-based Lamex office furniture business for $75 million, subject to standard post-closing adjustments. The proceeds will be used to repay existing debt, providing additional financial flexibility.
Continued investment and capital deployment. During the second quarter, the Corporation completed the acquisition of an installing distributor located in Raleigh, North Carolina. Following the closing, the Corporation has 27 owned installing-distributor locations nationwide supporting its residential building products business. Additionally in the second quarter, the Corporation returned over $53 million to its shareholders in the form of dividends and share repurchases.

“Our members delivered strong top- and bottom-line performance in the second quarter while we invested to strengthen our operational network and go-to-market capabilities. We continued to improve our price-cost position, which also contributed to our profit growth. Our strategic initiatives focused on driving growth and
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The following information was filed by Hni Corp (HNI) on Thursday, July 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Hni Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Hni Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity (Tables)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Components (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Dividend (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Narrative (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Reclassification (Details)
Accumulated Other Comprehensive Income (Loss) And Shareholders' Equity - Stock Repurchases (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price Allocation And Estimated Amortization (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Business Held For Sale
Business Held For Sale (Tables)
Business Held For Sale - Condensed Consolidated Balance Sheets (Details)
Business Held For Sale - Narrative (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities Excluded From Earnings Per Share (Details)
Earnings Per Share - Schedule Of Earnings Per Share Basic And Diluted (Details)
Fair Value Measurements Of Financial Instruments
Fair Value Measurements Of Financial Instruments (Tables)
Fair Value Measurements Of Financial Instruments - Assets (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Future Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Indefinite Lived Intangible Assets (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Intangible Assets (Details)
Guarantees, Commitments And Contingencies
Guarantees, Commitments And Contingencies (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Inventories
Inventories (Tables)
Inventories - Narrative (Details)
Inventories - Schedule Of Inventory (Details)
Product Warranties
Product Warranties (Tables)
Product Warranties - Current And Long Term Warranty (Details)
Product Warranties - Warranty Obligations (Details)
Reportable Segment Information
Reportable Segment Information (Details)
Reportable Segment Information (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Cost (Details)
Stock-Based Compensation - Share-Based Payment Award, Options, Grants In Period (Details)
Stock-Based Compensation - Unrecognized Compensation Cost, Nonvested Awards (Details)

Material Contracts, Statements, Certifications & more

Hni Corp provided additional information to their SEC Filing as exhibits

Ticker: HNI
CIK: 48287
Form Type: 10-Q Quarterly Report
Accession Number: 0000048287-22-000160
Submitted to the SEC: Tue Aug 02 2022 8:28:33 AM EST
Accepted by the SEC: Tue Aug 02 2022
Period: Saturday, July 2, 2022
Industry: Office Furniture No Wood

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