HNI Corporation reports news on a manufacturing business organized around workplace furnishings and residential building products. Its workplace furnishings activities include furniture systems, seating, storage, tables, architectural products, ancillary products, hospitality products, and workplace brands such as Allsteel. Its residential building products segment includes gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, outdoor fire pits, fire tables, and accessories.
Recurring HNI updates include quarterly and annual earnings, dividend declarations, workplace showroom and brand developments, operational improvement actions, and integration activity following the completed acquisition of Steelcase. Company news also discusses segment demand, price-cost and productivity factors, manufacturing-network decisions, and capital-allocation topics tied to its NYSE-listed common stock.
HNI Corporation (NYSE: HNI) has announced its 'Carbon Smart' initiatives aimed at combating climate change by committing to renewable energy and significant carbon emission reductions. As a signatory to the UN Global Compact, HNI pledges to align with sustainable business practices and has joined RE100, targeting 100% renewable electricity by 2030. The company has also set science-based targets, aiming for a 35% reduction in Scope 1 and 2 greenhouse gas emissions by 2025, and a 40% reduction in Scope 3 emissions per ton of goods sold by 2035, with 2018 as the base year.
HNI Corporation reported third-quarter 2020 sales of $507.1 million, down 18.9% year-over-year, with net income of $30.7 million and diluted EPS of $0.71, a 33.6% decline compared to last year. The Residential Building Products segment saw net sales growth of 9.3%, while Workplace Furnishings faced a 27.1% decline. Despite challenges, operating cash flow increased 12% year-over-year, totaling $143 million for the year-to-date. The company anticipates continued moderate declines in Workplace Furnishings for Q4 but expects growth in Residential Building Products.
The HON Company, based in Muscatine, Iowa, has launched the Astir™ collection of collaborative seating, designed for modern workplaces. This collection emphasizes flexibility, allowing for social distancing while promoting comfortable engagement among teams. Key features include multiple seating options, replaceable cushions, and high privacy screens. Each product meets ANSI/BIFMA standards and comes with a Lifetime Warranty. The Astir™ collection aims to enhance productivity and personalization in office environments.
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HNI Corporation (NYSE: HNI) will hold its quarterly conference call on October 19, 2020 at 11:00 a.m. Eastern to discuss its third quarter fiscal 2020 results. The results will be released prior to market opening on the same day. Investors can participate by calling 1-877-512-9166 with Conference ID: 6673387. A live webcast will be available on HNI's website, with replays accessible from October 19, 1:00 p.m. Central to October 26, 10:59 p.m. Central. For inquiries, contact the Investor Relations Department at investorrelations@hnicorp.com.