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Apr 03, 2021
HNI Q1 2021 Earnings Report
HNI Corporation reported earnings for the first quarter of fiscal year 2021.
Key Takeaways
HNI Corporation announced sales of $484.3 million and net income of $15.0 million for the first quarter ended April 3, 2021. GAAP net income per diluted share was $0.34, while non-GAAP net income per diluted share was $0.36.
Residential Building Products revenue grew 39 percent year-over-year, with operating margin expanding 600 basis points.
Workplace Furnishings revenue decline of approximately 12 percent was the lowest since the beginning of the pandemic.
Non-GAAP consolidated operating income increased 67 percent year-over-year to $23.3 million.
Quarter-ending debt levels were $176 million, and cash totaled $94 million.
HNI
HNI
HNI Revenue by Segment
Revenue by Segment
Workplace Furnishings Revenue
CapyFin.comResidential Building Products Revenue
CapyFin.com Forward Guidance
The Corporation expects continued strength in Residential Building Products and improving conditions in Workplace Furnishings. Profit opportunities are expected to improve in the back half of the year.
Positive Outlook
- Residential Building Products revenue growth in the low-30 percent range.
- Workplace Furnishings revenue growth in the low-teens on a year-over-year basis.
- Improving order trends driven by small to mid-sized customers.
- Public sector activity expected to contribute to growth.
- Benefit of higher volume and net productivity to generate modest year-over-year profit growth.
Challenges Ahead
- Inflationary pressures.
- Investments.
- Return of temporary cost actions taken in the prior year.
- Continued impact of the pandemic on Workplace Furnishings demand.
- Uncertainty in the contract market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income