Welcome to our dedicated page for HNI Corporation news (Ticker: HNI), a resource for investors and traders seeking the latest updates and insights on HNI Corporation stock.
HNI Corporation (symbol: HNI) is a leading provider of office furniture and hearth products, delivering high-quality solutions since its founding in 1944. The company operates under a unique member-owner environment where every individual, known as a member, contributes to the success and growth of the business. HNI Corporation’s core business includes manufacturing and selling panel-based and freestanding furniture systems, seating, storage, tables, and architectural products. These offerings are sold through a robust network of dealers, wholesalers, distributors, and directly to end-user customers, including federal, state, and local governments.
In addition to office furniture, HNI Corporation is a key player in the residential building products market, offering a comprehensive range of gas, wood, electric, and pellet-fueled fireplaces, inserts, stoves, facings, and accessories. The company’s dedication to integrity, quality, innovation, service, and continuous improvement underpins its growth strategy, which focuses on building leading brands, taking care of end users, and achieving operational excellence.
HNI Corporation comprises nine companies, each representing a family of leading brands, products, and services for the office and home. The company’s manufacturing and supply chain expertise ensures the highest quality products with the fastest and most dependable turnaround times in the industry.
With operations spanning the United States, Canada, Mainland China, Hong Kong, India, Mexico, and Taiwan, HNI Corporation maintains a significant global presence. Recent projects and achievements highlight the company’s commitment to innovation and customer satisfaction, positioning HNI as a trusted leader in both the office furniture and hearth products markets.
Latest News:
- HNI Corporation reports strong quarterly earnings driven by increased demand in the office furniture sector.
- Launch of new eco-friendly product line aimed at reducing environmental impact.
- Strategic partnership with leading technology firm to enhance product innovation.
- Expansion of manufacturing facilities in North America to meet growing market needs.
- Recognition as one of the top workplaces for employee satisfaction and engagement.
HNI (NYSE: HNI) announced it will close its manufacturing plant in Hickory, North Carolina, in the first half of 2025. The production will be consolidated into other North American facilities to enhance productivity and operational strength. HNI anticipates annual cost savings of approximately $11 million by 2026, with $8-$9 million realized in 2025. The consolidation, enabled partly by the integration of Kimball International (acquired in June 2023), will incur charges affecting pre-tax earnings by about $10.3 million in 2024 and 2025. Around 200 employees will be impacted by the closure. HNI will retain a commercial presence in Hickory through its HBF brand.
HNI (NYSE: HNI) has announced an increase in its quarterly dividend to 33 cents per share on its common stock, payable on June 12, 2024. Shareholders of record by the close of business on May 24, 2024, will be eligible to receive the dividend. HNI, a company with more than 75 years of history, operates through two main segments: Workplace Furnishings and Residential Building Products. The first is a global designer and provider of commercial furnishings, while the latter is a leading manufacturer and marketer of hearth products including fireplaces and stoves.
HNI (NYSE: HNI) reported strong earnings growth in the first quarter of 2024, with an EPS of $0.37, up 825% on a GAAP basis and 185% on a non-GAAP basis YoY. Workplace Furnishings operating margin expanded by 730 bps GAAP and 720 bps non-GAAP YoY. Full-year and second quarter 2024 non-GAAP EPS expected to increase significantly YoY. Sales for Q1 were $588.0 million with net income of $17.7 million. The acquisition of Kimball International contributed to strong results, with estimates of $0.10 to non-GAAP EPS. Residential Building Products also posted solid profits despite a soft housing market. The outlook for 2024 shows strong earnings growth driven by continued profit transformation in Workplace Furnishings and benefits from KII. A solid increase in second quarter earnings is expected with momentum from profit transformation initiatives and KII accretion. The company's strong balance sheet and strategic initiatives position it well for future growth and profitability.
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