HNI Corp. Files Q3 2024 10-Q

TL;DR

HNI Corp. 10-Q filed Oct 29, 2024. Q3 results for period ending Sep 28, 2024.

AI Summary

HNI Corp. reported its third-quarter results for the period ending September 28, 2024. The company's fiscal year ends on December 28. Key financial data points and segment information are included in this filing, which was submitted on October 29, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational details of HNI Corp., crucial for understanding the company's current standing and future prospects in the office furniture industry.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) with no immediate red flags or significant new risks highlighted.

Key Numbers

• 20240928 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 20241029 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• HNI Corp. (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241029 (date) — Filing date
• Donna D. Meade (person) — Vice President, Member and Community Relations
• Miguel M. Calado (person) — Lead Director
• Larry B. Porcellato (person) — Director

FAQ

Key Financial Figures

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

Filing Documents

• hni-20240928.htm (10-Q) — 1301KB
• ex311q32024.htm (EX-31.1) — 10KB
• ex312q32024.htm (EX-31.2) — 10KB
• ex321q32024.htm (EX-32.1) — 9KB
• 0000048287-24-000193.txt ( ) — 7895KB
• hni-20240928.xsd (EX-101.SCH) — 53KB
• hni-20240928_cal.xml (EX-101.CAL) — 71KB
• hni-20240928_def.xml (EX-101.DEF) — 230KB
• hni-20240928_lab.xml (EX-101.LAB) — 619KB
• hni-20240928_pre.xml (EX-101.PRE) — 459KB
• hni-20240928_htm.xml (XML) — 1320KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Comprehensive Income - Three and Nine Months Ended Se ptember 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 Ni ne Months Ended September 28 , 2024 and Septem ber 30 , 2023 6 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 28 , 2024 and Septem ber 30 , 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 33

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 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 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) (Una

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View this 10-Q filing on SEC EDGAR