HNI (HNI) FY2014 results: revenue $2.2 billion, up 7.9% on the year
HNI Corp. (HNI) reported revenue of $2.2 billion for fiscal 2014, the year ended 3 January 2015, up 7.9% on the year before. Net income was $61 million, down 3.5%, and diluted earnings per share $1.35. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$2.2 billion
+7.9% on the year
FY2008FY2014
Operating margin
5.1%
5.1% a year earlier
FY2008FY2014
Net income
$61 million
-3.5% on the year
FY2008FY2014
Diluted EPS
$1.35
-2.9% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,223
2,060
2,004
+7.9%
Cost of revenue
1,438
1,345
1,315
+7.0%
Gross profit
784
715
689
+9.6%
Gross margin
35.3%
34.7%
34.4%
Research and development
29.7
27.3
26.9
+8.8%
Selling, general and administrative
649
607
600
+7.0%
Operating income
113
106
87.6
+6.5%
Operating margin
5.1%
5.1%
4.4%
Interest expense
8.3
9.9
10.9
-15.8%
Pre-tax income
105
96.7
77.6
+8.5%
Income tax
43.8
33.3
29.3
+31.3%
Effective tax rate
41.7%
34.5%
37.7%
Net income
61.5
63.7
49.0
-3.5%
Net margin
2.8%
3.1%
2.4%
Diluted EPS
$1.35
$1.39
$1.07
-2.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
168
165
145
+1.7%
Capital expenditure
74.3
61.0
39.5
+21.9%
Free cash flow
93.5
104
105
-10.1%
Free cash flow margin
4.2%
5.0%
5.3%
Cash from investing
-154
-75.4
-85.8
Cash from financing
-44.5
-66.3
-90.0
Depreciation and amortisation
56.7
46.6
43.4
+21.7%
Share-based compensation
8.6
7.5
6.4
+15.4%
Buybacks
67.9
27.5
21.0
+147.0%
Dividends paid
44.3
43.5
43.0
+1.9%
Dividend per share
$0.99
$0.96
$0.95
+3.1%
Diluted shares, weighted
46m
46m
46m
-0.8%
Shares outstanding at period end
44m
45m
45m
-1.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
415
436
420
-5.0%
Non-controlling interest
-0.1
0.1
0.3
Debt
198
150
155
+31.5%
Other liabilities
627
548
502
+14.5%
Total liabilities and equity
1,239
1,135
1,077
+9.2%
Fixed assets
311
267
240
+16.3%
Goodwill
279
287
288
-2.6%
Intangible assets
141
94.6
87.0
+49.2%
Investments
12.3
16.4
20.6
-24.9%
Cash and equivalents
34.1
65.0
41.8
-47.5%
Receivables
240
229
213
+5.0%
Inventory
122
89.5
93.5
+36.1%
Other assets
99.5
86.4
91.8
+15.2%
Total assets
1,239
1,135
1,077
+9.2%
10-K for the year ended 3 January 2015, filed 27 February 2015: the filing.