HNI HNI Corp

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HNI Corporation (the ''Corporation'', ''we'', ''us'', or ''our'') is an Iowa corporation incorporated in 1944. The Corporation is a provider of office furniture and hearth products. Office furniture products include panel-based and freestanding furniture systems, seating, storage, and tables. These products are sold primarily through a national system of independent dealers, wholesalers, and office product distributors but also directly to end-user customers and federal, state, and local governments. Hearth products include a full array of gas, wood, and pellet burning fireplaces, inserts, stoves, facings, and accessories. These products are sold through a national system of independent dealers and distributors, as well as Corporation-owned distribution and retail outlets. In fiscal 2018, the Corporation had net sales of $2.3 billion, of which $1.7 billion or 76 percent was attributable to office furniture products and $0.6 billion or 24 percent was attributable to hearth products. See "Note 17. Reportable Segment Information" in the Notes to Consolidated Financial Statements for further information about operating segments.

Company profile

Ticker

HNI

Exchange

NYSE

CEO

Jeffrey D. Lorenger

Incorporated in

Iowa

Location

Iowa

Fiscal year end

Dec 28

Sector

Producer Manufacturing > Office Equipment/Supplies

Industry (SEC)

Office Furniture (No Wood)

Steelcase Inc CL A ...

Former names

Hon Industries Inc

SEC CIK

0000048287

Corporate docs

Articles of Incorporation & Bylaws

IRS number

420617510

HNI stock data

S&P 500 1 month 1 year

Company financial data Financial data

Chart HNI financial data

Download latest Excel data (2019 Q2) View latest Excel data (2019 Q2)

Quarter (USD)	Jun 19	Mar 19	Dec 18	Sep 18
Revenue	526.03M	479.46M	598.09M	611.12M
Net income	15.81M	1.02M	32.36M	39.91M
Diluted EPS	0.36	0.02	0.73	0.89
Net profit margin	3.01%	0.21%	5.41%	6.53%
Operating income	23.25M	3.68M	43.8M	53.63M
Net change in cash			33.08M	12.67M
Cash on hand	28.78M		76.82M	43.74M
Cost of revenue	333.44M	309.84M	374.17M	377.79M

Financial data from HNI earnings reports

Financial report summary

Competition

Kimball International • Miller Herman • Knoll • Regency • Steelcase Inc CL A • RCI

Management Discussion

Consolidated net sales for the second quarter of 2019 decreased 3.2 percent compared to the same quarter last year. The change was driven by a 3.4 percent decrease in the office furniture segment, along with a 2.7 percent decline in the hearth products segment. Office furniture segment sales decreased primarily due to a decrease in the supplies-driven business, along with a decrease of $5.0 million from the net impact of closing and divesting small office furniture companies. Hearth products segment sales decreased in both the new construction and retail businesses.
Gross profit as a percentage of net sales decreased 40 basis points in the second quarter of 2019 compared to the same quarter last year primarily driven by lower sales volume and higher input costs, partially offset by price realization and improved operational performance.
Second quarter 2018 cost of sales included $0.3 million of transition costs primarily related to structural realignment in China.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Bad

New words: conform, flat, freight, offered, pay, satisfaction, unsatisfied

Removed: account, adjust, apply, assessed, authority, consistently, dealer, decentralized, deliver, developing, excise, exclude, franchise, fulfillment, governmental, growth, handling, inflation, length, met, model, move, nature, obtaining, production, promised, prospectively, referred, seeking, shipping, split

From filing 10-Q 2019 Q2