HNI releases earnings for fourth quarter and fiscal year 2021
HNI Corporation (HNI) released their earnings for fourth quarter and fiscal year 2021 on February 28, 2022. In the release the company stated net income of $59.8 million for the full year 2021. Additionally Q4 sales were up 7.0% compared to Q4 2020, totally $602.9 million. The company stated that segment profitability in Workplace Furnishings declined in the fourth quarter primarily driven by unfavorable price cost. To drive long-term profitability the company is focusing on business simplification, price cost and labor capacity.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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