HNI Corp. Q2 Adj. Profit Declines

(RTTNews) - HNI Corp. (HNI) reported second quarter non GAAP net income per share of $0.20, compared to $0.38, prior year. Second quarter consolidated net sales decreased 20.6 percent year-on-year to $417.5 million. On an organic basis, sales decreased 21.2 percent.

As of June 27, 2020, the Corporation's net debt totaled $157 million. At the end of the quarter, it had $366 million of borrowing capacity under its existing $450 million credit facility.

"We generated strong free cash flow in the quarter and further enhanced our already strong balance sheet. We have the financial strength and cost structure to successfully weather this crisis for a prolonged period," said Jeff Lorenger, CEO.