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HNI Corporation Reports Earnings for Second Quarter Fiscal Year 2019

Nachrichtenquelle: Business Wire (engl.)
24.07.2019, 22:20  |  217   |   |   

HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended June 29, 2019 of $526.0 million and net income of $15.8 million. GAAP net income per diluted share was $0.36 compared to $0.42 in the prior year. Non-GAAP net income per diluted share was $0.38 compared to $0.44 in the prior year.

Second Quarter Summary Comments

"Our teams are performing well - managing through dynamic market conditions while staying focused on our key initiatives. Our efforts to drive operational efficiencies are on-track and bearing fruit. We are seeing strong momentum in our contract business. Our hearth business is executing well while navigating a slower housing market. We continue to see inconsistent demand in our supplies-driven business, which negatively impacted the quarter. We are confident in our ability to deliver profit improvement in the second half," said Jeff Lorenger, HNI Corporation President and Chief Executive Officer.

HNI Corporation - Financial Performance

(Dollars in millions, except per share data)

 

Three Months Ended

 

 

 

June 29,

 

June 30,

 

 

2019

2018

Change

GAAP

 

 

 

 

 

Net Sales

$526.0

 

$543.6

 

(3.2%)

Gross Profit %

36.6%

 

37.0%

 

-40 bps

SG&A %

32.0%

 

31.8%

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