HNI Corporation Reports Earnings For Fourth Quarter And Fiscal Year 2017

MUSCATINE, Iowa, Feb. 8, 2018

Fourth quarter sales were $584 million and net income was $34 million.  GAAP net income per diluted share, which also includes the tax legislation impact and several nonrecurring charges, was $0.77 compared to $0.24 in the prior year.  Non-GAAP net income per diluted share was $0.47 compared to $0.82 in the prior year.  GAAP to non-GAAP reconciliations follow the financial statements in this release.

Fourth Quarter Summary Comments
"Our fourth quarter played out as we expected.  We stabilized our supplies-driven business, made strong progress with our operational transformations, and positioned our Business Systems Transformation initiative for a successful go-live.  The new tax legislation created a positive non-cash adjustment of our deferred tax liabilities and will lower our future tax expense.  We also incurred several charges reflecting our multi-year effort to advance our operational capability and optimize our business portfolio.  With this round of efforts largely complete, we are excited about our market momentum and the platform we've built to drive long-term shareholder value," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.

Full Year - Financial Performance
(Dollars in millions, except per share data)
	Twelve Months Ended
	December 30,  2017 ARIVA.DE Börsen-Geflüster Kurse Hni 41,26 $ 0,00%		December 31,  2016		Change
GAAP
Net Sales	$2,175.9		$2,203.5		(1.3%)
Gross Profit %	36.0%		37.9%		-190 bps
SG&A %	30.9%		30.3%		60 bps
(Gain) loss on sale, disposal, and license of assets %	(0.1%)		1.0%		-110 bps
Restructuring and impairment charges %	1.7%		0.5%		120 bps
Operating Income	$76.7		$133.7		(42.6%)
Operating Income %	3.5%		6.1%		-260 bps
Effective Tax Rate	(27.4%)		33.6%		-6,100 bps
Net Income %	4.1%		3.9%		20 bps
EPS – diluted	$2.00		$1.88		6.4%
Non-GAAP
Organic Sales	$2,158.9		$2,094.3		3.1%
Gross Profit %	37.3%		38.6%		-130 bps
Operating Income	$139.4		$184.3		(24.4%)
Operating Income %	6.4%		8.4%		-200 bps
Effective Tax Rate	33.9%		33.6%		30 bps
EPS – diluted	$1.97		$2.62		(24.8%)

Full Year Summary Comments

• Consolidated net sales decreased $27.6 million or 1.3 percent from the prior year to $2,175.9 million. On an organic basis, sales increased 3.1 percent. The net impact of acquisitions and divestitures of small office furniture companies decreased sales $92.2 million compared to the prior year.
• GAAP gross profit margin decreased 190 basis points compared to the prior year. Of this decline, 130 basis points were driven by input cost inflation and unfavorable product mix, partially offset by higher sales volume and the impact of divestitures. The remaining decrease of 60 basis points was due to higher restructuring and transition costs.
• Selling and administrative expenses increased primarily due to strategic investments, partially offset by lower incentive based compensation, the impact of divestitures, and the impact of stock price change on deferred compensation.
• The Corporation recorded $16.5 million of restructuring costs and $17.0 million of transition costs in 2017 in connection with previously announced facility closures and structural realignments. Of these charges, $27.3 million was included in cost of sales. Specific items include severance, accelerated depreciation, and production move costs. The Corporation also recorded net charges of $29.3 million related to impairments of goodwill and intangibles, nonrecurring gains and losses, and a valuation reserve on a long-term note receivable.
• The Corporation recorded a one-time tax benefit of $44.8 million related to the recently enacted tax legislation. The adjustment resulted primarily from the revaluation of deferred tax items.

Fourth Quarter - Financial Performance
(Dollars in millions, except per share data)
	Three Months Ended
	December 30,  2017		December 31,  2016		Change
GAAP
Net Sales	$584.3		$581.3		0.5%
Gross Profit %	35.0%		37.6%		-260 bps
SG&A %	30.1%		29.4%		70 bps
Loss on sale and disposal of assets %	0.8%		3.9% Werbung Mehr Nachrichten zur Hni Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 18.04.24 - PR Newswire Fidelity China Special Situations Plc - Transaction in Own Shares 18.04.24 - PR Newswire Norges Bank - Form 8.3 - International Distributions Services plc 18.04.24 - PR Newswire Ninety One UK Ltd - Form 8.3 - Mondi Plc Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59