- HNI Corp (NYSE:HNI) reported third-quarter FY21 sales growth of 15.7% year-on-year, to $586.7 million, missing the analyst consensus of $592.14 million.
- Workplace Furnishings sales increased 11.3% Y/Y, and Residential Building Products sales rose 26%.
- The gross profit margin declined 330 basis points Y/Y to 33.3%. The operating margin contracted 310 basis points to 4.5%, and operating income for the quarter fell 32.3% to $26.2 million.
- EPS of $0.43 met the analysts’ consensus estimate.
- HNI held $127.7 million in cash and equivalents as of October 2, 2021. Net cash provided by operating activities for nine months ended October 2, 2021, totaled $88.5 million.
- “While we drove strong order growth, the ongoing difficulties tied to labor availability, supply chain disruptions, and inflation in all categories of input costs negatively impacted our results,” said CEO Jeff Lorenger.
- Outlook: HNI expects Q4 consolidated revenue, including the impact of acquisitions, to grow in the mid-to-high single-digit percent range compared to the prior-year quarter.
- It expects Q4 operating income to be at or slightly below that reported in Q3, assuming many margin pressures persist.
- Price action: HNI shares are trading lower by 5.93% at $37.58 on the last check Monday.
Emerson, PureCycle Technologies Sign Multi-Year Global Agreement For Digital Technologies And Services
Global industrial software and technology leader Emerson (NYSE:EMR) announced today the signing of a multi-year agreement with PureCycle Technologies, Inc. (NASDAQ:PCT) to provide advanced digital technologies and