Quarterly ResultMay 6, 2026, 05:32 PM
HNI Corp Reports Q1 Net Loss $(38.8)M; Sales $1.35B Driven by Steelcase
AI Summary
HNI Corp reported a net loss of $(38.8) million, or $(0.55) per diluted share, for the first quarter ended April 4, 2026, a significant decline from a net income of $13.9 million, or $0.29 per diluted share, in the prior-year period. Net sales surged to $1,347.5 million from $599.8 million, primarily driven by the acquisition of Steelcase Inc. in December 2025. The company incurred $3.5 million in acquisition costs and $18.0 million in restructuring and impairment charges during the quarter, contributing to the net loss.
Key Highlights
- Net sales increased to $1,347.5M from $599.8M YoY, driven by Steelcase acquisition.
- Reported Q1 net loss of $(38.8)M, compared to net income of $13.9M YoY.
- Diluted EPS was $(0.55), down from $0.29 in the prior year.
- Operating income shifted to a loss of $(36.4)M from a $24.4M gain YoY.
- Incurred $3.5M in acquisition costs and $18.0M in restructuring charges.
- Net cash flows from operating activities were $(171.8)M, down from $12.6M YoY.
- Long-term debt increased to $1,426.8M from $1,276.9M since Jan 3, 2026.
- Goodwill decreased by $122.6M due to Steelcase acquisition adjustments.
Price Impact
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