HNI (HNI) FY2020 results: revenue $2.0 billion, down 13.0% on the year
HNI Corp. (HNI) reported revenue of $2.0 billion for fiscal 2020, the year ended 2 January 2021, down 13.0% on the year before. Net income was $42 million, down 62.1%, and diluted earnings per share $0.98. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2021.
Revenue
$2.0 billion
-13.0% on the year
FY2013FY2020
Operating margin
3.1%
6.7% a year earlier
FY2013FY2020
Net income
$42 million
-62.1% on the year
FY2013FY2020
Diluted EPS
$0.98
-61.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,955
2,247
2,258
-13.0%
Cost of revenue
1,234
1,413
1,423
-12.7%
Gross profit
721
834
835
-13.5%
Gross margin
36.9%
37.1%
37.0%
Research and development
35.3
34.7
33.4
+1.8%
Selling, general and administrative
621
680
691
-8.7%
Operating income
61.4
151
128
-59.4%
Operating margin
3.1%
6.7%
5.7%
Interest expense
7.0
8.6
9.4
-19.0%
Pre-tax income
54.4
143
119
-61.9%
Income tax
12.5
32.2
25.4
-61.2%
Effective tax rate
23.0%
22.6%
21.4%
Net income
41.9
111
93.4
-62.1%
Net margin
2.1%
4.9%
4.1%
Diluted EPS
$0.98
$2.54
$2.11
-61.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
214
219
186
-2.2%
Capital expenditure
41.8
66.9
63.7
-37.5%
Free cash flow
173
152
123
+13.2%
Free cash flow margin
8.8%
6.8%
5.4%
Cash from investing
-100
-62.9
-41.2
Cash from financing
-50.0
-181
-91.7
Depreciation and amortisation
77.7
77.4
74.8
+0.3%
Share-based compensation
7.8
6.8
7.3
+14.2%
Buybacks
6.8
83.9
30.5
-91.9%
Dividends paid
52.1
52.2
51.1
-0.3%
Dividend per share
$1.22
$1.21
$1.17
+0.8%
Diluted shares, weighted
43m
43m
44m
-1.2%
Shares outstanding at period end
43m
43m
44m
+0.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
590
584
563
+1.1%
Non-controlling interest
0.3
0.3
0.3
+0.6%
Debt
175
175
250
+0.1%
Operating lease liabilities
53.2
58.2
n/a
-8.6%
Finance lease liabilities
4.5
1.6
n/a
+185.6%
Other liabilities
594
633
589
-6.2%
Total liabilities and equity
1,418
1,453
1,402
-2.4%
Fixed assets
366
382
385
-4.1%
Goodwill
292
271
271
+8.0%
Intangible assets
140
146
164
-4.2%
Investments
15.1
14.2
12.0
+6.6%
Cash and equivalents
116
52.1
76.8
+123.0%
Receivables
208
278
255
-25.2%
Inventory
138
163
157
-15.7%
Other assets
143
146
81.2
-2.4%
Total assets
1,418
1,453
1,402
-2.4%
10-K for the year ended 2 January 2021, filed 2 March 2021: the filing.