HNI Corp. (HNI) Tops Q1 EPS by 26c, Revenues Miss

HNI Corp. (NYSE: HNI) reported Q1 EPS of $0.21, $0.26 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $468.7 million versus the consensus estimate of $476.51 million.

“We are taking an aggressive, yet balanced approach to our pandemic response. Our primary focus is on the health and safety of our members, and we have implemented measures accordingly. Financially, we entered this crisis from a position of strength with modest debt levels, strong liquidity, and earnings momentum. To maintain that strength and ensure the long-term health of the organization, we are taking aggressive cost actions and other measures to support cash flow,” stated Jeff Lorenger, HNI Corporation, Chairman, President, and Chief Executive Officer.

“Our first quarter results demonstrate the strength of our operating platform as our annual productivity and cost savings initiatives again drove improved profitability. Unfortunately, the COVID-19 pandemic has derailed what began as another strong year. While our continued focus is on the safety of our members and on managing through the near-term revenue pressure associated with the crisis, I remain confident in our long-term strategic direction,” said Mr. Lorenger.

For earnings history and earnings-related data on HNI Corp. (HNI) click here.

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