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Mittwoch, 19.10.2016 22:30 von PR Newswire | Aufrufe: 72

HNI Corporation Reports Earnings For Third Quarter Fiscal Year 2016

Eine Tageszeitung (Symbolbild). pixabay.com

PR Newswire

MUSCATINE, Iowa, Oct. 19, 2016

MUSCATINE, Iowa, Oct. 19, 2016 /PRNewswire/ -- HNI Corporation (NYSE: HNI) today announced sales for the third quarter ended October 1, 2016 of $584.6 million and net income of $33.8 million. GAAP net income per diluted share decreased 18 percent from the prior year quarter to $0.74. Non-GAAP net income per diluted share decreased 14 percent from the prior year quarter to $0.80. GAAP to Non-GAAP reconciliations follow the financial statements in this release.

Summary Comments

"Our markets continue to be dynamic in an uncertain economic environment. We are responding to these near-term challenges while maintaining focus on the long-term. Subsequent to the end of the quarter we announced the closure of an office furniture manufacturing facility in Orleans, Indiana. The closure will result in $6.7M of cash expenses and cash savings of $6.9M annually once completed. This is another step toward our previously announced plan to drive $35 to $40 million of structural costs savings by 2018. Our investments are generating strong financial returns and we continue to invest for long-term profitable growth," said Stan Askren, HNI Corporation Chairman, President and Chief Executive Officer.

Third Quarter - Financial Performance

(Dollars in millions, except per share data)

Three Months Ended

10/1/2016

ARIVA.DE Börsen-Geflüster

Kurse

Hni

42,73 $

0,00%

10/3/2015

Change

GAAP

Net Sales

$584.6

$615.9

(5.1%)

Gross Profit %

37.9%

37.6%

30 bps

SG&A %

29.0%

27.7%

130 bps

Restructuring charges %

0.1%

0.0%

10 bps

Operating Income

$51.7

$61.1

(15.4%)

Operating Income %

8.8%

9.9%

-110 bps

Net Income %

5.8%

6.6%

-80 bps

EPS – diluted

$0.74

$0.90

(17.8%)

Non-GAAP

Gross Profit %

38.3%

38.0%

30 bps

SG&A %

28.7%

27.7%

100 bps

Operating Income

$56.0

$63.4

(11.6%)

Operating Income %

9.6%

10.3%

-70 bps

EPS – diluted

$0.80

$0.93

(14.0%)

Third Quarter Summary Comments

Consolidated net sales decreased $31.2 million or 5.1 percent to $584.6 million. Acquisitions and divestitures of small office furniture companies increased sales $9.4 million compared to the prior year quarter. On an organic basis, sales decreased 6.6 percent.
Gross profit increased 30 basis points compared to prior year driven by price realization, material cost and productivity partially offset by lower volume.
Selling and administrative expenses increased as a percentage of sales due to lower volume and the impact of acquisitions partially offset by lower freight costs and expense timing.
The Corporation recorded $1.1 million of restructuring costs and $1.6 million of transition costs in the third quarter in connection with previously announced facility closures and structural realignments. $2.3 million of these charges were included in cost of sales. Specific items incurred include severance, accelerated depreciation and production move costs. The Corporation also recorded $1.6 million of accelerated depreciation in the third quarter in conjunction with the announced charitable donation of a building.

Office Furniture – Financial Performance (Dollars in millions)
	Three Months Ended
	10/1/2016	10/3/2015	Change
GAAP
Net Sales	$454.9	$476.0	(4.4%)
Operating Profit	$44.7	$48.4	(7.6%)
Operating Profit %	9.8%	10.2%	-40 bps

Non-GAAP
Operating Profit	$46.1	$49.0	(6.1%)
Operating Profit %	10.1%	10.3%	-20 bps

Third quarter net sales decreased $21.0 million or 4.4 percent to $454.9 million. Sales for the quarter decreased in our North America contract and international businesses partially offset by an increase in our supplies-driven business. Acquisitions and divestitures of small office furniture companies increased sales $9.4 million compared to the prior year quarter. On an organic basis, sales decreased 6.4 percent.
Third quarter GAAP operating profit decreased 40 basis points due to lower volume partially offset by price realization, material costs and productivity and lower freight costs. Non-GAAP operating profit, which excludes structural realignments, declined 20 basis points.

Hearth Products – Financial Performance

(Dollars in millions)

Three Months Ended

10/1/2016

10/3/2015

Change

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