HNI Corp. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>HNI Corp. has filed its quarterly report (10-Q) for the period ending March 30, 2024, providing an update on its financial performance and business operations.</b>

AI Summary

HNI CORP (HNI) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. HNI Corp. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 28th. HNI Corp. is based in Muscatine, Iowa. The SIC code for HNI Corp. is 2522 (Office Furniture, Not Wood).

Why It Matters

For investors and stakeholders tracking HNI CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational insights for HNI Corp. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the office furniture and related products market.

Risk Assessment

Risk Level: low — HNI CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for HNI Corp.

Key Numbers

• 2024-03-30 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 12/28 — Fiscal Year End (FISCAL YEAR END)
• 2522 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• HNI CORP (company) — FILER
• MUSCATINE (company) — CITY
• IA (company) — STATE
• HON INDUSTRIES INC (company) — FORMER COMPANY
• HOME O NIZE CO (company) — FORMER COMPANY

FAQ

Industry Context

HNI Corp. operates in the office furniture and related products industry, which is influenced by commercial real estate trends, corporate spending, and remote work policies.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting, ensuring transparency and providing standardized financial information to the public.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending March 30, 2024.
2. Examine any disclosures related to segment performance, if available in the full filing.
3. Compare key financial figures to previous periods to identify trends.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and business operations during the quarter.)

SIC Code

Standard Industrial Classification code, used to classify industries. (Helps categorize HNI Corp. within the office furniture manufacturing sector.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 30, 2024, following the previous fiscal year-end report.

Key Financial Figures

• $1 — latest practicable date. Common Stock, $1 Par Value Outstanding as of March 30, 2

Filing Documents

• hni-20240330.htm (10-Q) — 1027KB
• ex311q12024.htm (EX-31.1) — 10KB
• ex312q12024.htm (EX-31.2) — 10KB
• ex321q12024.htm (EX-32.1) — 9KB
• 0000048287-24-000097.txt (&nbsp;) — 6929KB
• hni-20240330.xsd (EX-101.SCH) — 46KB
• hni-20240330_cal.xml (EX-101.CAL) — 69KB
• hni-20240330_def.xml (EX-101.DEF) — 207KB
• hni-20240330_lab.xml (EX-101.LAB) — 580KB
• hni-20240330_pre.xml (EX-101.PRE) — 429KB
• hni-20240330_htm.xml (XML) — 1070KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 30, 2024 and April 1, 2023 3 Condensed Consolidated Balance Sheets - March 30, 202 4 and December 30, 2023 4 Condensed Consolidated Statements of Equity - Three Months Ended March 30, 2024 a nd April 1, 2023 6 Condensed Consolidated Statements of Cash Flows - Three Months Ended March 30, 2024 and April 1, 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults Upon Senior Securities - None -

Item 3. Defaults Upon Senior Securities - None -

Mine Safety Disclosures - Not Applicable -

Item 4. Mine Safety Disclosures - Not Applicable -

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements HNI Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (In millions, except per share data) (Unaudited) Three Months Ended March 30, 2024 April 1, 2023 Net sales $ 588.0 $ 479.1 Cost of sales 355.1 304.8 Gross profit 232.8 174.3 Selling and administrative expenses 203.1 167.9 Restructuring charges 0.1 — Operating income 29.7 6.4 Interest expense, net 7.6 2.7 Income before income taxes 22.0 3.8 Income tax expense 4.3 2.2 Net income 17.7 1.6 Less: Net income (loss) attributable to non-controlling interest 0.0 ( 0.0 ) Net income attributable to HNI Corporation $ 17.7 $ 1.6 Average number of common shares outstanding – basic 47.1 41.5 Net income attributable to HNI Corporation per common share – basic $ 0.38 $ 0.04 Average number of common shares outstanding – diluted 48.1 42.1 Net income attributable to HNI Corporation per common share – diluted $ 0.37 $ 0.04 Foreign currency translation adjustments $ 0.0 $ 0.1 Change in unrealized gains (losses) on marketable securities, net of tax ( 0.0 ) 0.2 Change in derivative financial instruments, net of tax 1.4 ( 0.1 ) Other comprehensive income (loss), net of tax 1.4 0.1 Comprehensive income 19.0 1.7 Less: Comprehensive income (loss) attributable to non-controlling interest 0.0 ( 0.0 ) Comprehensive income attributable to HNI Corporation $ 19.0 $ 1.7 See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). Amounts may not sum due to rounding. 3 HNI Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In millions) (Unaudited) March 30, 2024 December 30, 2023 Assets Current Assets: Cash and cash equivalents $ 27.0 $ 28.9 Short-term investments 5.5 5.6 Receivables 231.9 247.1 Allowance for doubtful accounts ( 2.8 ) ( 3.5 ) Inventories, net 212.1 196.6 Prepaid expenses and other current assets 53.5 61.3 Total Current Assets 527.2 535.9 Property, Plant, and Equipme

View Full Filing

View this 10-Q filing on SEC EDGAR