{"id":38464,"date":"2019-04-26T07:18:36","date_gmt":"2019-04-26T05:18:36","guid":{"rendered":"http:\/\/modern-wilderness.flywheelsites.com\/?p=38464"},"modified":"2019-04-26T07:18:41","modified_gmt":"2019-04-26T05:18:41","slug":"hni-corporation-reports-sales-fell-5-1-percent-in-first-quarter-fiscal-year-2019","status":"publish","type":"post","link":"https:\/\/officerepublic.news\/en\/2019\/04\/hni-corporation-reports-sales-fell-5-1-percent-in-first-quarter-fiscal-year-2019\/","title":{"rendered":"HNI Corporation Reports Sales Fell 5.1 Percent in First Quarter Fiscal Year 2019"},"content":{"rendered":"\n

HNI Monday announced sales for the first quarter ended March 30, 2019 of $479.5 million and net income of $1.0 million. GAAP net income per diluted share was $0.02 compared to $0.06 in the prior year. <\/strong><\/p>\n\n\n\n

Non-GAAP net income per diluted share was $0.02 compared to $0.10 in the prior year. \u201cOur first quarter results were as expected. As anticipated, demand conditions generally improved throughout the quarter after a slow start. We were able to offset much of the impact from
lower volume with cost savings and productivity. We are pleased with the progress on our initiatives and continue to believe our demand and profit results will improve throughout the year,<\/em>\u201d said Jeff Lorenger, HNI Corporartion President and Chief Executive Officer. <\/p>\n\n\n\n

See also: HNI Company Profile<\/a><\/div>\n\n\n\n

Consolidated net sales decreased $25.6 million or 5.1 percent from the prior year quarter to $479.5 million. On an organic basis, sales decreased 3.4 percent. The net impact of closing and divesting small office furniture companies decreased sales $8.5 million compared to the prior year quarter.<\/p>\n\n\n\n

GAAP gross profit margin increased 40 basis points compared to the prior year quarter. Of his increase, 10 basis points were driven by improved productivity and price realization, partially offset by input cost inflation and lower volume. The remaining increase of 30 basis points was due to lower transition costs. <\/p>\n\n\n\n

Selling and administrative expenses increased 60 basis points compared to the prior year quarter. This increase was primarily due to lower sales volume, partially offset by lower Business System Transformation costs and lower core spend.<\/p>\n\n\n\n

Non-GAAP net income per diluted share was $0.02 compared to $0.10 in the prior year. A higher effective tax rate drove $0.04 of the decrease. The remaining $0.04 decline was due to lower volume and input cost inflation, partially offset by improved price realization, productivity, cost savings, and lower Business System Transformation costs.<\/p>\n\n\n\n

\"\"<\/a>
HON Office Furniture<\/figcaption><\/figure>\n\n\n\n

First quarter office furniture GAAP operating profit margin decreased 30 basis points. <\/h4>\n\n\n\n

First quarter office furniture net sales decreased $27.4 million or 7.2 percent from the prior year quarter to $353.5 million. On an organic basis, sales decreased 5.1 percent with decreases in both the supplies and contract businesses. The net impact of closing and divesting small office furniture companies decreased sales $8.5 million compared to the prior year quarter.<\/p>\n\n\n\n

First quarter office furniture GAAP operating profit margin decreased 30 basis points. Of this decrease, 90 basis points were driven by lower sales volume and input cost inflation, partially offset by improved price realization and lower Business System Transformation costs. This decrease was partially offset by a 60 basis point increase due to lower restructuring and transition costs.<\/p>\n\n\n\n

First quarter hearth products net sales increased $1.8 million or 1.4 percent from the prior year quarter to $125.9 million with increases in both the new construction and retail businesses.First quarter hearth products GAAP operating profit margin increased 20 basis points. Lower sales volume, input cost inflation, and strategic investments, partially offset by improved price realization and lower core spend drove a decline of 10 basis points. This decline was more than offset by a 30 basis points increase due to lower restructuring and transition costs.<\/p>\n\n\n\n

Read also: Commercial partnership Nowy Styl Group and HNI<\/a><\/div>\n\n\n\n

\u201cOur profit outlook for the year is unchanged. Market conditions remain dynamic. Demand has generally improved over the last few months. Our expectation remains that we will drive 2019 profit growth through productivity and cost saving efforts while we continue to invest in new capabilities. I am confident in our strategies and the teams we have in place to execute them,<\/em>\u201d said Lorenger.<\/p>\n\n\n\n

The corporation expects full year organic sales to be up 2 to 6 percent. This compares to the previous organic sales growth expectation of up 3 to 7 percent. The change is primarily driven by price realization assumptions related to tariffs. Including the impact of closing and divesting small office furniture companies, full year sales are expected to be up 1 to 5 percent. The Corporation\u2019s estimate of full year earnings per diluted share remains unchanged and is expected to be in the range of $2.50 to $2.90. <\/p>\n\n\n\n

Header image – Allsteel Dow Jones <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HNI Monday announced sales for the first quarter ended March 30, 2019 of $479.5 million and net income of $1.0 million. GAAP net income per diluted share was $0.02 compared to $0.06 in the prior year. Non-GAAP net income per diluted share was $0.02 compared to $0.10 in the prior year. \u201cOur first quarter results…<\/p>\n","protected":false},"author":14,"featured_media":38466,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[3133,5312],"tags":[5265],"jetpack_publicize_connections":[],"acf":{"app_afbeelding":false,"app_titel":"HNI Corporation Reports Sales Fell 5.1 Percent in First Quarter Fiscal Year 2019","app_article":"

<\/p>\n

HNI Monday announced sales for the first quarter ended March 30, 2019 of $479.5 million and net income of $1.0 million. GAAP net income per diluted share was $0.02 compared to $0.06 in the prior year. <\/strong><\/p>\n

<\/p>\n

<\/p>\n

Non-GAAP net income per diluted share was $0.02 compared to $0.10 in the prior year. \u201cOur first quarter results were as expected. As anticipated, demand conditions generally improved throughout the quarter after a slow start. We were able to offset much of the impact from
lower volume with cost savings and productivity. We are pleased with the progress on our initiatives and continue to believe our demand and profit results will improve throughout the year,<\/em>\u201d said Jeff Lorenger, HNI Corporartion President and Chief Executive Officer.<\/p>\n

<\/p>\n","app_link_title":"","app_link_url":"","app_display":"Ja","bedrijfsnaam":"HNI","related_profiles":false,"bedrijfsprofiel_id":33179},"yoast_head":"\nHNI Corporation Reports Sales Fell 5.1 Percent in First Quarter Fiscal Year 2019 | OfficeRepublic<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/officerepublic.news\/en\/2019\/04\/hni-corporation-reports-sales-fell-5-1-percent-in-first-quarter-fiscal-year-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HNI Corporation Reports Sales Fell 5.1 Percent in First Quarter Fiscal Year 2019 | OfficeRepublic\" \/>\n<meta property=\"og:description\" content=\"HNI Monday announced sales for the first quarter ended March 30, 2019 of $479.5 million and net income of $1.0 million. 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