HNI (HNI) FY2019 results: revenue $2.2 billion, down 0.5% on the year
HNI Corp. (HNI) reported revenue of $2.2 billion for fiscal 2019, the year ended 28 December 2019, down 0.5% on the year before. Net income was $111 million, up 18.3%, and diluted earnings per share $2.54. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$2.2 billion
-0.5% on the year
FY2012FY2019
Operating margin
6.7%
5.7% a year earlier
FY2012FY2019
Net income
$111 million
+18.3% on the year
FY2012FY2019
Diluted EPS
$2.54
+20.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,247
2,258
2,176
-0.5%
Cost of revenue
1,413
1,423
1,392
-0.7%
Gross profit
834
835
784
-0.2%
Gross margin
37.1%
37.0%
36.0%
Research and development
34.7
33.4
31.8
+3.8%
Selling, general and administrative
680
691
672
-1.6%
Operating income
151
128
76.7
+18.1%
Operating margin
6.7%
5.7%
3.5%
Interest expense
8.6
9.4
6.1
-8.7%
Pre-tax income
143
119
70.6
+20.2%
Income tax
32.2
25.4
-19.3
+26.8%
Effective tax rate
22.6%
21.4%
-27.3%
Net income
111
93.4
89.8
+18.3%
Net margin
4.9%
4.1%
4.1%
Diluted EPS
$2.54
$2.11
$2.00
+20.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
219
186
133
+17.7%
Capital expenditure
66.9
63.7
109
+5.0%
Free cash flow
152
123
23.9
+24.2%
Free cash flow margin
6.8%
5.4%
1.1%
Cash from investing
-62.9
-41.2
-118
Cash from financing
-181
-91.7
-28.1
Depreciation and amortisation
77.4
74.8
72.9
+3.5%
Share-based compensation
6.8
7.3
7.8
-6.7%
Buybacks
83.9
30.5
57.5
+175.5%
Dividends paid
52.2
51.1
49.6
+2.2%
Dividend per share
$1.21
$1.17
$1.13
+3.4%
Diluted shares, weighted
43m
44m
45m
-1.9%
Shares outstanding at period end
43m
44m
43m
-2.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
584
563
514
+3.8%
Non-controlling interest
0.3
0.3
0.5
-0.6%
Debt
175
250
277
-29.9%
Operating lease liabilities
58.2
n/a
n/a
Finance lease liabilities
1.6
n/a
n/a
Other liabilities
633
589
600
+7.6%
Total liabilities and equity
1,453
1,402
1,392
+3.6%
Fixed assets
382
385
390
-0.9%
Goodwill
271
271
280
+0.0%
Intangible assets
146
164
182
-10.8%
Investments
14.2
12.0
12.5
+18.0%
Cash and equivalents
52.1
76.8
23.3
-32.2%
Receivables
278
255
259
+9.0%
Inventory
163
157
156
+4.0%
Other assets
146
81.2
89.5
+80.2%
Total assets
1,453
1,402
1,392
+3.6%
10-K for the year ended 28 December 2019, filed 25 February 2020: the filing.