MUSCATINE, IA — HNI Corp.'s reported fiscal 2011 net sales of $1.8 billion, a 9 percent increase from the prior year, with an income from continuing operations of $45.7 million, a 54 percent increase. The company said acquisitions, including that of educational furniture maker Sagus Intl in November, contributed $8.2 million, or 0.5 percentage points of sales.
For the fourth quarter fiscal ending Dec. 31, 2011, HNI's net sales rose 7 percent to $500.3 million, while income from continuing operations grew to $18.0 million, a 43 percent increase from the prior year's quarter. Reportedly the second largest office furniture manufacturer in the world, and the nation's leading manufacturer of gas- and wood-burning fireplaces, HNI Corp. includes: HON, Allsteel, gunlocke, Paoli, Maxon, Lamex, HNI Intl, Hearth & Home and HBF.
"We are pleased with our strong execution and solid profit improvement for the fourth quarter and full year 2011," Stan Askren, HNI's chairman, president and CEO said in a statement. "Office furniture sales growth was led by strong performance in our contract and international businesses. Hearth sales benefited from improved conditions in new home construction and high energy prices.
"We enter 2012 financially strong and with positive momentum across all of our businesses. We are aggressively investing for growth, competitively well positioned within our markets, and delivering profitable growth," Askren added.
HNI Corp. reported the fourth quarter and full year sales for its office furniture segment increased $27.6 million and $123.1 million, respectively. "These increases were driven by an increase in the supplies driven channel and a more substantial increase in the contract and international channels of the office furniture industry. Acquisitions contributed $8.2 million or 2.2 percentage points in the fourth quarter and $8.2 million or 0.6 percentage points for the full year," the company announced.
Fourth quarter and full year operating profit for the office furniture segment increased $7.6 million and $12.1 million, respectively. HNI said increased volume, better price realization and lower restructuring, transition and impairment expenses impacted its operating profit. " These were partially offset by higher input costs, investments in selling and growth initiatives and higher incentive-based compensation expense."
Have something to say? Share your thoughts with us in the comments below.