HNI Corporation (NYSE: HNI) today announced sales for the third quarter ended September 28, 2019 of $625.4 million and net income of $46.1 million. GAAP net income per diluted share was $1.07 compared to $0.89 in the prior year. Non-GAAP net income per diluted share was $1.08 compared to $0.90 in the prior year. GAAP to non-GAAP reconciliations follow the financial statements in this release.
Third Quarter Summary Comments
"Our teams delivered strong profit growth during the third quarter. The demand environment remains dynamic, and our organization continues to adjust and drive value for shareholders," said Jeff Lorenger, HNI Corporation President and Chief Executive Officer.
HNI Corporation - Financial Performance |
|||||
(Dollars in millions, except per share data) |
|||||
|
Three Months Ended |
|
|
||
|
September 28, |
|
September 29, |
|
|
2019 |
|
2018 |
|
Change |
|
GAAP |
|
|
|
|
|
Net Sales |
$625.4 |
|
$611.1 |
|
2.3% |
Gross Profit % |
38.0% |
|
38.2% |
|
-20 bps |
SG&A % |
28.3% |
|
29.4% |
|
-110 bps |
Operating Income |
$60.7 |
|
$53.6 |
|
13.1% |
Operating Income % |
9.7% |
|
8.8% |
|
90 bps |
Effective Tax Rate |
21.2% |
|
21.9% |
|
|
Net Income % |
7.4% |
|
6.5% |
|
90 bps |
EPS ? diluted |
$1.07 |
|
$0.89 |
|
20.2% |
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Gross Profit % |
38.0% |
|
38.2% |
|
-20 bps |
Operating Income |
$61.1 |
|
$53.9 |
|
13.4% |
Operating Income % |
9.8% |
|
8.8% |
|
100 bps |
EPS ? diluted |
$1.08 |
|
$0.90 |
|
20.0% |
Third Quarter Summary Comments
Office Furniture ? Financial Performance |
|||||
(Dollars in millions) |
|||||
|
Three Months Ended |
|
|
||
|
September 28, |
|
September 29, |
|
|
2019 |
|
2018 |
|
Change |
|
GAAP |
|
|
|
|
|
Net Sales |
$484.8 |
|
$471.7 |
|
2.8% |
Operating Profit |
$51.2 |
|
$45.7 |
|
11.9% |
Operating Profit % |
10.6% |
|
9.7% |
|
90 bps |
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Operating Profit |
$51.7 |
|
$45.7 |
|
13.0% |
Operating Profit % |
10.7% |
|
9.7% |
|
100 bps |
Hearth Products ? Financial Performance |
|||||
(Dollars in millions) |
|||||
|
Three Months Ended |
|
|
||
|
September 28, |
|
September 29, |
|
|
2019 |
|
2018 |
|
Change |
|
GAAP |
|
|
|
|
|
Net Sales |
$140.6 |
|
$139.4 |
|
0.9% |
Operating Profit |
$23.8 |
|
$21.8 |
|
8.9% |
Operating Profit % |
16.9% |
|
15.7% |
|
120 bps |
|
|
|
|
|
|
Non-GAAP |
|
|
|
|
|
Operating Profit |
$23.8 |
|
$22.1 |
|
7.5% |
Operating Profit % |
16.9% |
|
15.9% |
|
100 bps |
Outlook
The Corporation expects full year organic sales to be up approximately 1 percent. This compares to the previous organic sales growth expectation of up 1 to 4 percent. The change is primarily driven by lower growth in the contract-driven office furniture business. Including the impact of closing and divesting small office furniture companies, full year sales are expected to be flat to the prior year. The Corporation's estimate of full year non-GAAP earnings per diluted share has narrowed and is expected to be in the range of $2.50 to $2.60 versus the previous guidance range of $2.50 to $2.70.
"We expect continued profit growth in the fourth quarter. Recently, we have seen increasing macro-economic uncertainty slow our growth in the contract business; however, we are confident in our contract competitive position as we come off a strong third quarter. Our outlook for the supplies-driven office furniture and hearth products businesses remains relatively unchanged. We have multiple opportunities in front of us to grow profits and increase long-term shareholder value," said Mr. Lorenger.
Conference Call
HNI Corporation will host a conference call on Thursday, October 24, 2019 at 10:00 a.m. (Central) to discuss third quarter fiscal year 2019 results. To participate, call 1-877-512-9166 ? conference ID number 4141358. A live webcast of the call will be available on HNI Corporation's website at http://www.hnicorp.com (under Investors ? News Releases & Events). A replay of the webcast will also be made available at that website address. An audio replay of the call will be available until Thursday, October 31, 2019, 10:59 p.m. (Central) by dialing 1-855-859-2056 or 1-404-537-3406 ? Conference ID number 4141358.
About HNI Corporation
HNI Corporation is an NYSE traded company (ticker symbol: HNI) providing products and solutions for the home and workplace environments. HNI Corporation is a leading global office furniture manufacturer and is the nation's leading manufacturer of hearth products. The Corporation's strong brands have leading positions in their markets. More information can be found on the Corporation's website at www.hnicorp.com.
Forward-Looking Statements
This release contains "forward-looking" statements based on current expectations regarding future plans, events, outlook, objectives, financial performance, expectations for sales growth, and earnings per diluted share (GAAP and non-GAAP). Forward-looking statements can be identified by words including "expect," "believe," "anticipate," "estimate," "may," "will," "would," "could," "confident", or other similar words, phrases, or expressions. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Corporation's actual future results and performance to differ materially from expected results. These risks include but are not limited to: the levels of office furniture needs and housing starts; overall demand for the Corporation's products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of the Corporation's customers; the Corporation's reliance on its network of independent dealers; change in trade policy; changes in raw material, component, or commodity pricing; market acceptance and demand for the Corporation's new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on the Corporation's financing activities; an inability to protect the Corporation's intellectual property; impacts of tax legislation; and force majeure events outside the Corporation's control. A description of these risks and additional risks can be found in the Corporation's annual and quarterly reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q. The Corporation assumes no obligation to update, amend, or clarify forward-looking statements, except as required by applicable law.
HNI Corporation and Subsidiaries |
|||||||||||
Condensed Consolidated Statements of Comprehensive Income |
|||||||||||
(In thousands, except per share data) |
|||||||||||
(Unaudited) |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
September 28, 2019 |
|
September 29, 2018 |
|
September 28, 2019 |
|
September 29, 2018 |
|||||
Net sales |
$625,386 |
|
|
$611,120 |
|
|
$1,630,868 |
|
|
$1,659,803 |
|
Cost of sales |
387,715 |
|
|
377,789 |
|
|
1,030,993 |
|
|
1,048,683 |
|
Gross profit |
237,671 |
|
|
233,331 |
|
|
599,875 |
|
|
611,120 |
|
Selling and administrative expenses |
176,731 |
|
|
179,577 |
|
|
511,080 |
|
|
524,445 |
|
Restructuring and impairment charges |
284 |
|
|
128 |
|
|
1,214 |
|
|
2,303 |
|
Operating income |
60,656 |
|
|
53,626 |
|
|
87,581 |
|
|
84,372 |
|
Interest expense, net |
2,205 |
|
|
2,522 |
|
|
6,795 |
|
|
7,375 |
|
Income before income taxes |
58,451 |
|
|
51,104 |
|
|
80,786 |
|
|
76,997 |
|
Income taxes |
12,375 |
|
|
11,197 |
|
|
17,878 |
|
|
16,033 |
|
Net income |
46,076 |
|
|
39,907 |
|
|
62,908 |
|
|
60,964 |
|
Less: Net loss attributable to non-controlling interest |
(2 |
) |
|
0 |
|
|
(2 |
) |
|
(50 |
) |
Net income attributable to HNI Corporation |
$46,078 |
|
|
$39,907 |
|
|
$62,910 |
|
|
$61,014 |
|
|
|
|
|
|
|
|
|
||||
Average number of common shares outstanding ? basic |
42,899 |
|
|
43,823 |
|
|
43,217 |
|
|
43,616 |
|
Net income attributable to HNI Corporation per common share ? basic |
$1.07 |
|
|
$0.91 |
|
|
$1.46 |
|
|
$1.40 |
|
Average number of common shares outstanding ? diluted |
43,186 |
|
|
44,679 |
|
|
43,620 |
|
|
44,349 |
|
Net income attributable to HNI Corporation per common share ? diluted |
$1.07 |
|
|
$0.89 |
|
|
$1.44 |
|
|
$1.38 |
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments |
($1,035 |
) |
|
($817 |
) |
|
($406 |
) |
|
($1,944 |
) |
Change in unrealized gains (losses) on marketable securities, net of tax |
36 |
|
|
(6 |
) |
|
252 |
|
|
(99 |
) |
Change in pension and post-retirement liability, net of tax |
? |
|
? |
|
(1,185 |
) |
|
0 |
|
||
Change in derivative financial instruments, net of tax |
(477 |
) |
|
106 |
|
|
(2,112 |
) |
|
1,459 |
|
Other comprehensive income (loss), net of tax |
(1,476 |
) |
|
(717 |
) |
|
(3,451 |
) |
|
(584 |
) |
Comprehensive income |
44,600 |
|
|
39,190 |
|
|
59,457 |
|
|
60,380 |
|
Less: Comprehensive loss attributable to non-controlling interest |
(2 |
) |
|
0 |
|
|
(2 |
) |
|
(50 |
) |
Comprehensive income attributable to HNI Corporation |
$44,602 |
|
|
$39,190 |
|
|
$59,459 |
|
|
$60,430 |
|
HNI Corporation and Subsidiaries |
|||
Condensed Consolidated Balance Sheets |
|||
(In thousands) |
|||
(Unaudited) |
|||
|
September 28, |
|
December 29, |
2019 |
|
2018 |
|
Assets |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$53,013 |
|
$76,819 |
Short-term investments |
848 |
|
1,327 |
Receivables |
271,960 |
|
255,207 |
Inventories |
181,922 |
|
157,178 |
Prepaid expenses and other current assets |
36,824 |
|
41,352 |
Total Current Assets |
544,567 |
|
531,883 |
Property, Plant, and Equipment: |
|
|
|
Land and land improvements |
29,306 |
|
28,377 |
Buildings |
292,902 |
|
290,263 |
Machinery and equipment |
574,130 |
|
565,884 |
Construction in progress |
22,046 |
|
28,443 |
|
918,384 |
|
912,967 |
Less accumulated depreciation |
538,303 |
|
528,034 |
Net Property, Plant, and Equipment |
380,081 |
|
384,933 |
|
|
|
|
Right-of-use Operating / Finance Leases |
74,244 |
|
? |
Goodwill and Other Intangible Assets |
449,288 |
|
463,290 |
Deferred Income Taxes |
286 |
|
1,569 |
Other Assets |
22,010 |
|
20,169 |
Total Assets |
$1,470,476 |
|
$1,401,844 |
|
|
|
|
Liabilities and Equity |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable and accrued expenses |
$435,103 |
|
$428,865 |
Current maturities of long-term debt |
1,440 |
|
679 |
Current maturities of other long-term obligations |
1,876 |
|
4,764 |
Current lease obligations - Operating / Finance |
21,007 |
|
? |
Total Current Liabilities |
459,426 |
|
434,308 |
|
|
|
|
Long-Term Debt |
239,418 |
|
249,355 |
Long-Term Lease Obligations - Operating / Finance |
61,143 |
|
? |
Other Long-Term Liabilities |
64,356 |
|
72,767 |
Deferred Income Taxes |
85,788 |
|
82,155 |
Equity: |
|
|
|
HNI Corporation shareholders' equity |
560,022 |
|
562,933 |
Non-controlling interest |
323 |
|
326 |
Total Equity |
560,345 |
|
563,259 |
Total Liabilities and Equity |
$1,470,476 |
|
$1,401,844 |
HNI Corporation and Subsidiaries |
|||
Condensed Consolidated Statements of Cash Flows |
|||
(In thousands) |
|||
(Unaudited) |
|||
|
Nine Months Ended |
||
|
September 28, |
|
September 29, |
2019 |
2018 |
||
Net Cash Flows From (To) Operating Activities: |
|
|
|
Net income |
$62,908 |
|
$60,964 |
Non-cash items included in net income: |
|
|
|
Depreciation and amortization |
57,838 |
|
55,887 |
Other post-retirement and post-employment benefits |
1,106 |
|
1,325 |
Stock-based compensation |
5,408 |
|
6,215 |
Operating / finance lease interest and amortization |
17,252 |
|
? |
Deferred income taxes |
4,798 |
|
2,733 |
Loss on sale and retirement of long-lived assets, net |
1,609 |
|
1,283 |
Other ? net |
2,864 |
|
2,314 |
Net increase (decrease) in operating assets and liabilities, net of divestitures |
(28,359) |
|
(16,533) |
Increase (decrease) in other liabilities |
(9,802) |
|
849 |
Net cash flows from (to) operating activities |
115,622 |
|
115,037 |
|
|
|
|
Net Cash Flows From (To) Investing Activities: |
|
|
|
Capital expenditures |
(46,093) |
|
(39,887) |
Proceeds from sale of property, plant, and equipment |
247 |
|
22,686 |
Acquisition spending, net of cash acquired |
? |
|
(2,850) |
Capitalized software |
(4,098) |
|
(7,092) |
Purchase of investments |
(6,140) |
|
(2,471) |
Sales or maturities of investments |
3,889 |
|
2,375 |
Other ? net |
2,327 |
|
1,135 |
Net cash flows from (to) investing activities |
(49,868) |
|
(26,104) |
|
|
|
|
Net Cash Flows From (To) Financing Activities: |
|
|
|
Payments of long-term debt |
(125,039) |
|
(352,795) |
Proceeds from long-term debt |
115,775 |
|
322,755 |
Dividends paid |
(39,164) |
|
(38,201) |
Purchase of HNI Corporation common stock |
(65,106) |
|
(16,043) |
Proceeds from sales of HNI Corporation common stock |
22,338 |
|
15,896 |
Other ? net |
1,636 |
|
(155) |
Net cash flows from (to) financing activities |
(89,560) |
|
(68,543) |
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
(23,806) |
|
20,390 |
Cash and cash equivalents at beginning of period |
76,819 |
|
23,348 |
Cash and cash equivalents at end of period |
$53,013 |
|
$43,738 |
HNI Corporation and Subsidiaries |
|||||||
Reportable Segment Data |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
|
Three Months Ended |
|
Nine Months Ended |
||||
|
September 28, |
|
September 29, |
|
September 28, |
|
September 29, |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net Sales: |
|
|
|
|
|
|
|
Office furniture |
$484,755 |
|
$471,687 |
|
$1,247,778 |
|
$1,276,480 |
Hearth products |
140,631 |
|
139,433 |
|
383,090 |
|
383,323 |
Total |
$625,386 |
|
$611,120 |
|
$1,630,868 |
|
$1,659,803 |
|
|
|
|
|
|
|
|
Income Before Income Taxes: |
|
|
|
|
|
|
|
Office furniture |
$51,162 |
|
$45,721 |
|
$68,180 |
|
$64,898 |
Hearth products |
23,772 |
|
21,824 |
|
54,743 |
|
55,250 |
General corporate |
(14,278) |
|
(13,919) |
|
(35,342) |
|
(35,776) |
Operating Income |
60,656 |
|
53,626 |
|
87,581 |
|
84,372 |
Interest expense, net |
2,205 |
|
2,522 |
|
6,795 |
|
7,375 |
Total |
$58,451 |
|
$51,104 |
|
$80,786 |
|
$76,997 |
|
|
|
|
|
|
|
|
Depreciation and Amortization Expense: |
|
|
|
|
|
|
|
Office furniture |
$11,232 |
|
$11,012 |
|
$33,540 |
|
$33,202 |
Hearth products |
2,291 |
|
2,026 |
|
6,521 |
|
6,080 |
General corporate |
5,863 |
|
5,569 |
|
17,777 |
|
16,605 |
Total |
$19,386 |
|
$18,607 |
|
$57,838 |
|
$55,887 |
|
|
|
|
|
|
|
|
Capital Expenditures (including capitalized software): |
|
|
|
|
|
|
|
Office furniture |
$6,524 |
|
$10,324 |
|
$29,190 |
|
$35,321 |
Hearth products |
3,204 |
|
2,150 |
|
10,779 |
|
6,317 |
General corporate |
2,856 |
|
2,181 |
|
10,222 |
|
5,341 |
Total |
$12,584 |
|
$14,655 |
|
$50,191 |
|
$46,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
As of |
September 28, |
|
December 29, |
|||||
2019 |
|
2018 |
|||||
Identifiable Assets: |
|
|
|
|
|
|
|
Office furniture |
|
|
|
|
$872,501 |
|
$797,574 |
Hearth products |
|
|
|
|
379,534 |
|
352,060 |
General corporate |
|
|
|
|
218,441 |
|
252,210 |
Total |
|
|
|
|
$1,470,476 |
|
$1,401,844 |
Non-GAAP Financial Measures
This earnings release includes certain non-GAAP financial information as defined by Securities and Exchange Commission Regulation G. Pursuant to the requirements of this regulation, reconciliations of this non-GAAP financial information to HNI's financial statements as prepared in accordance with GAAP are included below and throughout this earnings release. This information gives investors additional insights into HNI's financial performance and operations. While HNI's management believes the non-GAAP financial measures are useful in evaluating HNI's operations, this information should be considered supplemental and not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures within this earnings release: organic sales, gross profit, operating income, operating profit, income taxes, net income, and net income per diluted share (i.e., EPS). These measures are adjusted from the comparable GAAP measures to exclude the impacts of the selected items as summarized in the table below. Generally, non-GAAP EPS is calculated using HNI's overall effective tax rate for the period, as this rate is reflective of the tax applicable to most non-GAAP adjustments.
The sales adjustments to arrive at our non-GAAP organic sales information included in this earnings release excludes the impact of divesting small office furniture companies. The transactions excluded for purposes of our other non-GAAP financial information included in this earnings release for both periods presented include restructuring charges, impairment charges, and/or transition costs. Restructuring charges incurred in the current year period presented are primarily comprised of severance costs related to a structural realignment in the office furniture segment. Transition items incurred in connection with this realignment include member relocation costs. In the prior year period presented, costs were incurred as part of the previously announced closures of the hearth manufacturing facility in Paris, Kentucky, the office furniture manufacturing facility in Orleans, Indiana, and structural realignments in China. Restructuring items incurred include severance, while transition items incurred include production move costs.
This earnings release also contains a forward-looking estimate of non-GAAP earnings per diluted share for the full fiscal year. We provide such non-GAAP measure to investors on a prospective basis for the same reasons we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of non-GAAP earnings per diluted share to a forward-looking estimate of GAAP earnings per diluted share without unreasonable efforts because certain information needed to make a reasonable forward-looking estimate of GAAP earnings per diluted share is highly variable and difficult to predict and estimate, and is dependent on future events which are uncertain or outside of our control. These may include unanticipated charges related to asset impairments (fixed assets, intangibles, or goodwill), unanticipated acquisition related costs, and other unanticipated nonrecurring items not reflective of ongoing operations. We expect the variability of these charges to have a potentially unpredictable, and potentially significant, impact on our GAAP earnings per diluted share.
HNI Corporation Reconciliation |
|||||||||||||||
(Dollars in millions) |
|||||||||||||||
|
Three Months Ended |
||||||||||||||
|
September 28, 2019 |
|
September 29, 2018 |
||||||||||||
|
Office
|
Hearth |
Total |
|
Office
|
Hearth |
Total |
||||||||
Sales as reported (GAAP) |
$484.8 |
$140.6 |
$625.4 |
|
$471.7 |
$139.4 |
$611.1 |
||||||||
% change from PY |
2.8% |
0.9% |
2.3% |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Less: Divestitures |
? |
? |
? |
|
4.5 |
? |
4.5 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Organic Sales (non-GAAP) |
$484.8 |
$140.6 |
$625.4 |
|
$467.2 |
$139.4 |
$606.6 |
||||||||
% change from PY |
3.8% |
0.9% |
3.1% |
|
|
|
|
HNI Corporation Reconciliation |
|||||||||
(Dollars in millions, except per share data) |
|||||||||
|
Three Months Ended |
||||||||
September 28, 2019 |
|||||||||
|
Gross |
|
Operating |
|
|
|
Net |
|
|
Profit |
|
Income |
|
Tax |
|
Income |
|
EPS |
|
As reported (GAAP) |
$237.7 |
|
$60.7 |
|
$12.4 |
|
$46.1 |
|
$1.07 |
% of net sales |
38.0% |
|
9.7% |
|
|
|
7.4% |
|
|
Tax % |
|
|
|
|
21.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
? |
|
0.3 |
|
0.1 |
|
0.2 |
|
0.01 |
Transition costs |
? |
|
0.2 |
|
0.0 |
|
0.2 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
Results (non-GAAP) |
$237.7 |
|
$61.1 |
|
$12.5 |
|
$46.5 |
|
$1.08 |
% of net sales |
38.0% |
|
9.8% |
|
|
|
7.4% |
|
|
Tax % |
|
|
|
|
21.2% |
|
|
|
|
HNI Corporation Reconciliation |
|||||||||
(Dollars in millions, except per share data) |
|||||||||
|
Three Months Ended |
||||||||
September 29, 2018 |
|||||||||
|
Gross |
|
Operating |
|
|
|
Net |
|
|
Profit |
|
Income |
|
Tax |
|
Income |
|
EPS |
|
As reported (GAAP) |
$233.3 |
|
$53.6 |
|
$11.2 |
|
$39.9 |
|
$0.89 |
% of net sales |
38.2% |
|
8.8% |
|
|
|
6.5% |
|
|
Tax % |
|
|
|
|
21.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges |
? |
|
0.1 |
|
0.0 |
|
0.1 |
|
0.00 |
Transition costs |
0.2 |
|
0.2 |
|
0.1 |
|
0.1 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
Results (non-GAAP) |
$233.5 |
|
$53.9 |
|
$11.3 |
|
$40.1 |
|
$0.90 |
% of net sales |
38.2% |
|
8.8% |
|
|
|
6.6% |
|
|
Tax % |
|
|
|
|
21.9% |
|
|
|
|
Office Furniture Reconciliation |
|||||
(Dollars in millions) |
|||||
|
Three Months Ended |
|
|
||
|
September 28, |
|
September 29, |
|
Percent |
2019 |
2018 |
Change |
|||
Operating profit as reported (GAAP) |
$51.2 |
|
$45.7 |
|
11.9% |
% of net sales |
10.6% |
|
9.7% |
|
|
|
|
|
|
|
|
Restructuring charges |
0.3 |
|
0.0 |
|
|
Transition costs |
0.2 |
|
0.0 |
|
|
|
|
|
|
|
|
Operating profit (non-GAAP) |
$51.7 |
|
$45.7 |
|
13.0% |
% of net sales |
10.7% |
|
9.7% |
|
|
|
|||||
Hearth Products Reconciliation |
|||||
(Dollars in millions) |
|||||
|
Three Months Ended |
|
|
||
|
September 28, |
|
September 29, |
|
Percent |
2019 |
2018 |
Change |
|||
Operating profit as reported (GAAP) |
$23.8 |
|
$21.8 |
|
8.9% |
% of net sales |
16.9% |
|
15.7% |
|
|
|
|
|
|
|
|
Restructuring charges |
? |
|
0.1 |
|
|
Transition costs |
? |
|
0.2 |
|
|
|
|
|
|
|
|
Operating profit (non-GAAP) |
$23.8 |
|
$22.1 |
|
7.5% |
% of net sales |
16.9% |
|
15.9% |
|
|
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