HNI Corp Files Q2 2024 10-Q
Ticker: HNI · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 48287
| Field | Detail |
|---|---|
| Company | Hni CORP (HNI) |
| Form Type | 10-Q |
| Filed Date | Jul 30, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $1 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
HNI Corp filed its Q2 2024 10-Q, detailing financial performance for the period ending June 29.
AI Summary
HNI Corporation reported its second quarter results for the period ending June 29, 2024. The company's financial performance for the quarter and year-to-date is detailed in this 10-Q filing. Key financial figures and segment information are presented, reflecting the company's operational status in the office furniture and hearth products sectors.
Why It Matters
This filing provides investors with the official financial performance data for HNI Corporation for the second quarter of 2024, crucial for understanding the company's current financial health and operational trends.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial data, not indicating any immediate or significant new risks.
Key Numbers
- 20240629 — Period End Date (The filing covers the financial period ending on this date.)
- 20240730 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- HNI CORP (company) — Filer of the 10-Q
- Jeffrey D. Lorenger (person) — Chairman, President, and Chief Executive Officer
- Vincent P. Berger (person) — Executive Vice President and President, Hearth & Home Technologies LLC
- Mary A. Bell (person) — Director
- Miguel M. Calado (person) — Lead Director
FAQ
What is the fiscal year end for HNI Corp?
HNI Corp's fiscal year ends on December 28.
What is HNI Corp's Standard Industrial Classification (SIC) code?
HNI Corp's SIC code is 2522, categorized under 'OFFICE FURNITURE (NO WOOD)'.
What was the previous name of HNI Corp?
HNI Corp was formerly known as HON INDUSTRIES INC, with a name change date of 19920703.
Who is the Chairman, President, and CEO of HNI Corp?
Jeffrey D. Lorenger holds the positions of Chairman, President, and Chief Executive Officer.
What is the filing date of this 10-Q report?
This 10-Q report was filed on July 30, 2024.
Filing Stats: 4,723 words · 19 min read · ~16 pages · Grade level 7.5 · Accepted 2024-07-30 08:30:42
Key Financial Figures
- $1 — latest practicable date. Common Stock, $1 Par Value Outstanding as of June 29, 20
Filing Documents
- hni-20240629.htm (10-Q) — 1304KB
- ex311q22024.htm (EX-31.1) — 10KB
- ex312q22024.htm (EX-31.2) — 10KB
- ex321q22024.htm (EX-32.1) — 9KB
- 0000048287-24-000161.txt ( ) — 7867KB
- hni-20240629.xsd (EX-101.SCH) — 51KB
- hni-20240629_cal.xml (EX-101.CAL) — 70KB
- hni-20240629_def.xml (EX-101.DEF) — 225KB
- hni-20240629_lab.xml (EX-101.LAB) — 614KB
- hni-20240629_pre.xml (EX-101.PRE) — 453KB
- hni-20240629_htm.xml (XML) — 1322KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Page
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Comprehensive Income - Three and Six Months Ended June 29 , 2024 and July 1, 2023 3 Condensed Consolidated Balance Sheets - June 29 , 2024 and December 30, 2023 4 Condensed Consolidated Statements of Equity - Three and Six Months Ended June 29 , 2024 and July 1, 2023 6 Condensed Consolidated Statements of Cash Flows - Six Months Ended June 29 , 2024 and July 1, 2023 8 Notes to Condensed Consolidated Financial Statements 9
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 24
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 31
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
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 32
Exhibits
Item 6. Exhibits 34
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 Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 623.7 $ 563.5 $ 1,211.7 $ 1,042.5 Cost of sales 362.4 347.9 717.5 652.7 Gross profit 261.3 215.5 494.2 389.8 Selling and administrative expenses 205.9 211.0 409.0 378.9 Restructuring and impairment charges 2.0 8.1 2.1 8.1 Operating income (loss) 53.4 ( 3.6 ) 83.1 2.9 Interest expense, net 7.4 5.5 15.1 8.2 Income (loss) before income taxes 46.0 ( 9.0 ) 68.0 ( 5.3 ) Income tax expense 10.0 3.8 14.3 6.0 Net income (loss) 36.0 ( 12.8 ) 53.7 ( 11.3 ) Less: Net income (loss) attributable to non-controlling interest ( 0.0 ) ( 0.0 ) 0.0 ( 0.0 ) Net income (loss) attributable to HNI Corporation $ 36.0 $ ( 12.8 ) $ 53.7 $ ( 11.3 ) Average number of common shares outstanding – basic 47.2 43.3 47.1 42.4 Net income (loss) attributable to HNI Corporation per common share – basic $ 0.76 $ ( 0.30 ) $ 1.14 $ ( 0.27 ) Average number of common shares outstanding – diluted 48.2 43.3 48.2 42.4 Net income (loss) attributable to HNI Corporation per common share – diluted $ 0.75 $ ( 0.30 ) $ 1.11 $ ( 0.27 ) Foreign currency translation adjustments $ ( 0.1 ) $ ( 0.0 ) $ ( 0.1 ) $ 0.0 Change in unrealized gains (losses) on marketable securities, net of tax 0.0 ( 0.1 ) ( 0.0 ) 0.1 Change in derivative financial instruments, net of tax 0.3 — 1.7 ( 0.1 ) Other comprehensive income (loss), net of tax 0.3 ( 0.1 ) 1.7 0.0 Comprehensive income (loss) 36.3 ( 12.9 ) 55.4 ( 11.2 ) Less: Comprehensive income (loss) attributable to non-controlling interest ( 0.0 ) ( 0.0 ) 0.0 ( 0.0 ) Comprehensive income (loss) attributable to HNI Corporation $ 36.3 $ ( 12.9 ) $ 55.4 $ ( 11.2 ) See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited). Amounts may not sum due to rounding.