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HNI (HNI) Q3 FY2023 earnings: revenue $712 million, up 18.8% on the year

HNI Corp. (HNI) reported revenue of $712 million for Q3 FY2023, the quarter ended 30 September 2023, up 18.8% on the same quarter a year earlier. Net income was $38 million, down 40.1% on the year, and diluted earnings per share $0.80. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$712 millionup 18.8%
Net income$38 milliondown 40.1%
Diluted EPS$0.80
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue712n/an/an/a
Cost of revenue426n/an/an/a
Gross profit285n/an/an/a
Gross margin40.1%n/an/a
Selling, general and administrative223n/an/an/a
Operating income56.8n/an/an/a
Operating margin8.0%n/an/a
Pre-tax income47.4n/an/an/a
Income tax9.6n/an/an/a
Effective tax rate20.3%n/an/a
Net income37.8n/an/an/a
Net margin5.3%n/an/a
Diluted EPS$0.80n/an/an/a
$ 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow123n/an/an/a
Capital expenditure21.6n/an/an/a
Free cash flow101n/an/an/a
Free cash flow margin14.2%n/an/a
Cash from investing-16.8n/an/an/a
Cash from financing-105n/an/an/a
Depreciation and amortisation25.6n/an/an/a
Share-based compensation3.7n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid14.9n/an/an/a
Dividend per share$0.32n/an/an/a
Diluted shares, weighted47mn/an/an/a
Shares outstanding at period end47mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity741n/an/an/a
Non-controlling interest0.3n/an/an/a
Debt509n/an/an/a
Operating lease liabilities109n/an/an/a
Finance lease liabilities7.9n/an/an/a
Other liabilities650n/an/an/a
Total liabilities and equity2,017n/an/an/a
Fixed assets560n/an/an/a
Goodwill496n/an/an/a
Intangible assets164n/an/an/a
Investments5.8n/an/an/a
Cash and equivalents24.4n/an/an/a
Inventory229n/an/an/a
Other assets538n/an/an/a
Total assets2,017n/an/an/a

Questions

What was HNI's revenue in Q3 FY2023?

HNI (HNI) reported revenue of $712 million for Q3 FY2023, the quarter ended 30 September 2023, up 18.8% on the same quarter a year earlier.

How much did HNI earn in Q3 FY2023?

Net income for Q3 FY2023 was $38 million, down 40.1% on the year, and diluted earnings per share $0.80.

When did HNI report Q3 FY2023 results?

HNI filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 31 October 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue7126805886246726426006676848881,3481,472
Cost of revenue426407355362393382361381396525848825
Gross profit285273233261279260238286288363500647
Gross margin40%40%40%42%41%41%40%43%42%41%37%44%
SG&A223211203206208203208216223291515533
Operating income56.830.729.753.468.954.524.468.264.6-31.2-36.492.1
Operating margin8%5%5%9%10%8%4%10%9%-4%-3%6%
Pre-tax income47.422.622.046.061.849.518.962.057.4-47.5-55.671.2
Tax rate20%0%20%22%23%23%26%22%28%n/an/a28%
Net income37.822.617.736.047.538.313.948.241.2-49.1-38.851.1
Net margin5%3%3%6%7%6%2%7%6%-6%-3%3%
Diluted EPS$0.80$0.48$0.37$0.75$0.98$0.79$0.29$1.02$0.88-$1.08-$0.55$0.70
Operating cash flow123105-4.351.312851.212.6n/a155n/a-172140
Capital expenditure21.616.411.217.514.59.716.315.019.616.935.7n/a
Free cash flow10188.6-15.533.811441.5-3.7n/a136n/a-208n/a
Buybacks0.00.32.610.811.441.040.4n/a3.8n/a0.00.0
Dividends paid14.915.016.615.515.815.716.2n/a15.6n/a26.625.5
Shares outstanding47m47m47m47m48m47m72m46m46m71m72m72m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0000048287-23-000205: the filing on EDGAR. All of HNI Corp.'s filings: EDGAR company page.

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