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Mar 28, 2020
HNI Q1 2020 Earnings Report
HNI Corporation reported a net loss for Q1 2020, but non-GAAP EPS increased significantly due to price realization and cost savings initiatives.
Key Takeaways
HNI Corporation reported a decrease in net sales by 2.2% to $468.7 million and a net loss of $23.9 million for the first quarter of 2020. However, non-GAAP EPS increased to $0.21, driven by price realization and cost savings initiatives, despite the impact of the COVID-19 pandemic.
Consolidated net sales decreased by 2.2% year-over-year to $468.7 million.
Gross profit margin expanded by 220 basis points compared to the prior-year quarter.
Non-GAAP operating profit expanded 279 percent from the prior-year quarter.
Hearth Products segment revenue increased 2.6 percent organically from the prior-year quarter.
HNI
HNI
HNI Revenue by Segment
Revenue by Segment
Workplace Furnishings Revenue
CapyFin.comResidential Building Products Revenue
CapyFin.com Forward Guidance
Although volumes and profit levels will be adversely impacted by the pandemic, the company will adjust its business, maintain its long-term focus, and utilize its strong balance sheet to successfully weather this crisis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income