HNI Has Positive Quarter

HNI Corporation had a gross profit of $208 million in the fourth quarter of 2022, a rise of 7.1 per cent compared to $194.2 million the from the year-prior period. The increase was due to improved price-cost and effective expense management. Net income was $16.3 million, up 98.8 per cent versus $8.2 million in the prior-year period. Sales were $568.9 million, down six per cent compared to $602.9 million. Residential building products had net sales of $217.7 million due to the acquisition of building products companies in 2021 and 2022. This represents an increase of 4.2 per cent compared to the component’s fourth quarter of 2021. The segment showed a profit of $41.7 million, an increase of 9.4 per cent compared to $38.1 million from the year-ago period. The operating margin grew by 170 basis points versus the prior-year period to nearly 20 per cent, while orders decreased 18 per cent compared to the year-ago period.