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HNI Corporation Reports Earnings for Fourth Quarter and Fiscal Year 2018

Nachrichtenquelle: Business Wire (engl.)
25.02.2019, 22:20  |  1134   |   |   

HNI Corporation (NYSE: HNI) today announced sales for the full year ended December 29, 2018 of $2,258 million and net income of $93 million. GAAP net income per diluted share was $2.11 compared to $2.00 in the prior year. Non-GAAP net income per diluted share was $2.41 compared to $1.97 in the prior year.

Fourth quarter sales were $598 million and net income was $32 million. GAAP net income per diluted share was $0.73 compared to $0.77 in the prior year. Non-GAAP net income per diluted share was $0.97 compared to $0.47 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth Quarter Summary Comments

“Our teams performed well in the fourth quarter – delivering significant earnings growth and margin expansion. We are managing through multiple challenges, including continued inflationary pressures, tariff impacts, and choppy demand. Our organization is responding well, and I am optimistic about what we can accomplish in the future,” said Jeff Lorenger, HNI Corporation, President and Chief Executive Officer.

 
Fourth Quarter - Financial Performance
(Dollars in millions, except per share data)
    Three Months Ended    
December 29,
2018
    December 30,
2017
Change
GAAP
Net Sales $598.1 $584.3 2.4%
Gross Profit % 37.4% 35.0% 240 bps
SG&A % 27.9% 30.1% -220 bps
Loss on sale and disposal of assets % —% 0.8% -80 bps
Restructuring and impairment charges % 2.2% 5.8% -360 bps
Operating Income (Loss) $43.8 ($10.6) NM
Operating Income (Loss) % 7.3% (1.8%) 910 bps
Effective Tax Rate 22.4% 359.9%
Net Income % 5.4% 5.8% -40 bps
EPS – diluted     $0.73     $0.77     (5.2%)
 
Non-GAAP
Gross Profit % 37.5% 36.1% 140 bps
Operating Income $57.8 $35.2 64.2%
Operating Income % 9.7% 6.0% 370 bps
EPS – diluted     $0.97     $0.47     106.4%
 

Fourth Quarter Summary Comments

  • Consolidated net sales increased $13.8 million or 2.4 percent from the prior year quarter to $598.1 million. On an organic basis, sales increased 5.4 percent. The net impact of closing and divesting small office furniture companies decreased sales $17.1 million compared to the prior year quarter. A reconciliation of organic sales, a non-GAAP measure, follows the financial statements in this release.
  • GAAP gross profit margin increased 240 basis points compared to the prior year quarter. Of this increase, 140 basis points were primarily driven by improved price realization and productivity partially offset by input cost inflation. The remaining increase of 100 basis points was due to lower restructuring and transition costs.
  • Selling and administrative expenses decreased 220 basis points primarily due to increased efficiency, lower Business System Transformation costs, the impact of closing and divesting small office furniture companies, and lower incentive based compensation, partially offset by increased strategic investments.
  • The Corporation recorded $0.3 million of restructuring costs and $0.6 million of transition costs in the fourth quarter in connection with previously announced facility closures and structural realignments. Of these charges, $0.6 million was included in cost of sales. The Corporation also recorded a $13.1 million impairment of goodwill, intangibles, and long-lived assets.
 
Full Year - Financial Performance
(Dollars in millions, except per share data)
    Twelve Months Ended    
December 29,
2018
    December 30,
2017
Change
GAAP
Net Sales $2,257.9 $2,175.9 3.8%
Gross Profit % 37.0% 36.0 % 100 bps
SG&A % 30.6% 30.9 % -30 bps
(Gain) loss on sale, disposal, and license of assets % —% (0.1 %) 10 bps
Restructuring and impairment charges % 0.7% 1.7 % -100 bps
Operating Income $128.2 $76.7 67.1%
Operating Income % 5.7% 3.5 % 220 bps
Effective Tax Rate 21.4% (27.4 %)
Net Income % 4.1% 4.1 % —bps
EPS – diluted     $2.11     $2.00     5.5%
 
Non-GAAP
Gross Profit % 37.1% 37.3 % -20 bps
Operating Income $146.2 $139.4 4.9%
Operating Income % 6.5% 6.4 % 10 bps
EPS – diluted     $2.41     $1.97     22.3%
 

Full Year Summary Comments

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