MUSCATINE, IA - HNI Corporation (NYSE: HNI) Business furniture manufacturer HNI Corp. (NYSE: HNI) net income rose 30 percent, with office furniture up 50 percent for the fourth quarter ended January 31, 2015. Sales were $646.7 million and net income was $7.1 million.
HNI units include HON, Paoli, Gunlocke, Allsteel and other office furniture brands, as well as a business that makes fireplaces for new and remodeled homes.
"Office furniture sales momentum accelerated in the fourth quarter with significant increases in both our supplies-driven and contract businesses," said Stan Ankren, CEO. "Our hearth business achieved record financial results for the year, driven by four consecutive quarters of double-digit growth in both new construction and remodel/retrofit channels."
HIN reported $24.5 million of restructuring and impairment charges and transition costs including $20.5 million related to a small office furniture business and $4 million of restructuring and transition costs in connection with closures announced in 2014.
Corporate headquarters, as well as six manufacturing and two distribution centers are located in Muscatine, IA.
Consolidated net sales increased $162.7 million or 7.9 percent to $2.2 billion. Compared to prior year, an acquisition, net of divestitures, increased sales $7.5 million. On an organic basis sales increased 7.5 percent.
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