HNI Corporation Reports $2.4 Billion in Sales for 2023

By Tamara Parker • Thursday, February 22 11:00 • Permanent Link

HNI Corporation, a leading provider of workplace furnishings and residential building products, has reported its financial results for the fourth quarter and fiscal year 2023. The company announced sales of $2.434 billion and net income of $49.2 million for the full year ended December 30, 2023. GAAP net income per diluted share was $1.09, compared to $2.94 in the prior year. Non-GAAP net income per diluted share was $2.65, compared to $2.20 in the prior year.

For the fourth quarter, sales were reported at $679.8 million, up 19 percent from the previous year, with net income of $22.7 million. GAAP net income per diluted share was $0.48, compared to $0.39 in the prior year. Non-GAAP net income per diluted share was $0.98, up from $0.63 reported in the prior-year period.

Jeff Lorenger, Chairman, President, and Chief Executive Officer of HNI Corporation, commented on the company's performance, stating, "We made outstanding progress in 2023 and finished the year on a strong note, delivering greater than 50 percent earning growth in the fourth quarter."

Lorenger added, "Our workplace furnishings profit transformation plan continues to pay dividends and drove segment fourth quarter operating margin to pre-pandemic levels. The synergy capture associated with the Kimball International acquisition is ahead of schedule; moreover, we now expect total synergies to be $10 million higher than our initial projection."

Regarding residential building products, Lorenger noted, "Our actions to support profitability fueled margins to near record levels despite housing market weakness. Overall, we exited 2023 a fundamentally stronger company, reflecting the power and dedication of our member-owners."

The company's shares have moved 0.8%, and are now trading at a price of $43.23.

The full 8-K submission by HNI Corporation can be accessed here.

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