HNI CORP
For the period ended Sep 28, 2024. Filed Oct 29, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 28, 2024 · Filed Oct 29, 2024
HNI$47.26-2.2%Stored close · as of Nov 6, 2026
Contents
Item 1. Financial Statements (Unaudited)
| Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 28, 2024 and September 30, 2023 | 3 | |
| Condensed Consolidated Balance Sheets - September 28, 2024 and December 30, 2023 | 4 | |
| Condensed Consolidated Statements of Equity - Three and Nine Months Ended September 28, 2024 and September 30, 2023 | 6 | |
| Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 28, 2024 and September 30, 2023 | 8 | |
| Notes to Condensed Consolidated Financial Statements | 9 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
|---|---|---|
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 31 |
| Item 4. | Controls and Procedures | 31 |
| PART II. OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 32 |
| Item 1A. | Risk Factors | 32 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 32 |
| Item 3. | Defaults Upon Senior Securities - None | - |
| Item 4. | Mine Safety Disclosures - Not Applicable | - |
| Item 5. | Other Information | 33 |
| Item 6. | Exhibits | 34 |
| Signatures | 35 | |
PART I. FINANCIAL INFORMATION
| HNI Corporation and SubsidiariesCondensed Consolidated Statements of Comprehensive Income(In millions, except per share data) | ||||
|---|---|---|---|---|
| (Unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 28,2024 | September 30,2023 | September 28,2024 | September 30,2023 | |
| Net sales | $672.2 | $711.6 | $1,883.9 | $1,754.2 |
| Cost of sales | 393.4 | 426.3 | 1,110.9 | 1,079.0 |
| Gross profit | 278.8 | 285.3 | 773.0 | 675.2 |
| Selling and administrative expenses | 208.4 | 223.3 | 617.3 | 602.2 |
| Restructuring and impairment charges | 1.6 | 5.3 | 3.7 | 13.4 |
| Operating income | 68.9 | 56.8 | 151.9 | 59.6 |
| Interest expense, net | 7.1 | 9.4 | 22.1 | 17.5 |
| Income before income taxes | 61.8 | 47.4 | 129.8 | 42.1 |
| Income tax expense | 14.3 | 9.6 | 28.6 | 15.6 |
| Net income | 47.5 | 37.8 | 101.2 | 26.5 |
| Less: Net income attributable to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income attributable to HNI Corporation | $47.5 | $37.8 | $101.2 | $26.5 |
| Average number of common shares outstanding – basic | 47.7 | 46.6 | 47.3 | 43.8 |
| Net income attributable to HNI Corporation per common share – basic | $1.00 | $0.81 | $2.14 | $0.60 |
| Average number of common shares outstanding – diluted | 48.7 | 47.3 | 48.4 | 44.5 |
| Net income attributable to HNI Corporation per common share – diluted | $0.98 | $0.80 | $2.09 | $0.60 |
| Foreign currency translation adjustments | $(0.0) | $(0.2) | $(0.1) | $(0.2) |
| Change in unrealized gains (losses) on marketable securities, net of tax | 0.3 | (0.0) | 0.3 | 0.1 |
| Change in derivative financial instruments, net of tax | (1.8) | — | (0.0) | (0.1) |
| Other comprehensive income (loss), net of tax | (1.4) | (0.2) | 0.2 | (0.2) |
| Comprehensive income | 46.1 | 37.5 | 101.4 | 26.3 |
| Less: Comprehensive income attributable to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Comprehensive income attributable to HNI Corporation | $46.1 | $37.5 | $101.4 | $26.3 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.