Quarterly ResultMay 6, 2026, 07:37 AM
HNI Corp Q1 Net Sales $1.3B; GAAP EPS $(0.55), Non-GAAP EPS $0.34
AI Summary
HNI Corporation reported first-quarter 2026 financial results with net sales of $1.3 billion. GAAP diluted EPS was $(0.55), while non-GAAP diluted EPS reached $0.34, modestly exceeding internal expectations despite demand pressures from geopolitical conditions. The company expects low-single digit organic net sales growth for the full year and anticipates a fifth consecutive year of double-digit non-GAAP EPS growth in 2026, driven by cost management, Steelcase synergies, and network optimization.
Key Highlights
- Q1 2026 net sales were $1.3 billion, a 125% increase year-over-year, driven by the Steelcase acquisition.
- Organic net sales for Q1 2026 decreased by 3.2% year-over-year.
- GAAP diluted EPS for Q1 2026 was $(0.55), while non-GAAP diluted EPS was $0.34.
- Workplace Furnishings net sales increased 169% to $1.185 billion, with organic sales down 5.2%.
- Residential Building Products net sales increased 2.1% to $162.1 million.
- The company expects mid-teens percent diluted non-GAAP EPS growth for full-year 2026.
- Steelcase integration synergies are on track to add $120 million ($1.20 non-GAAP diluted EPS) when fully mature.
- Restructuring and impairment charges of $18.0 million were incurred, mainly from terminating Steelcase's ERP project.