HNI Q3 Net Sales Reach $1.59 Billion: Net Income $90 Million, Steelcase Synergies Raised to at Least $130 Million
HNI Corporation (NYSE: HNI), the furniture and hearth products maker headquartered in Muscatine, in Muscatine County, Iowa, reported third-quarter 2026 results on November 3 for the quarter ended October 3: net sales of $1,592.9 million, up 133% year over year, driven mainly by the Steelcase acquisition completed in December 2025; net income of $90.0 million and non-GAAP net income of $118.7 million; GAAP diluted EPS of $1.23, up 39.8%, and non-GAAP diluted EPS of $1.62, up 47.3%.
By segment, Workplace Furnishings net sales were $1,417.9 million, including $870.6 million from Steelcase; segment orders rose 6% year over year, legacy net sales grew nearly 6% organically, and GAAP operating margin reached 15%. In Residential Building Products, which includes fireplace and hearth products, orders grew 4%, net sales rose about 5% and profit grew 16%, as double-digit growth in the remodel-retrofit business more than offset modest weakness in new construction.
The company said Steelcase integration is ahead of plan and raised its synergy outlook to at least $130 million at full maturity, with the original $120 million target now expected by the end of year four; manufacturing network optimization in the legacy workplace furnishings businesses is expected to save nearly $30 million across 2026 through 2028. HNI maintained low-single-digit organic net sales growth expectations for both segments and expects non-GAAP diluted EPS growth of 20% to 25% in 2026, a fifth straight year of double-digit growth.
Chairman, President and CEO Jeff Lorenger said volume growth returned in both segments in the third quarter, with cost management, price-cost benefits and productivity driving results well above internal expectations, and leading indicators including orders and backlog remaining encouraging. Steelcase was acquired in the fourth quarter of 2025.
(Source: HNI Corporation)
Source: HNI Corporation
Published by GSM · USA (original Chinese edition)
Photo: 图：住宅壁炉（资料图）。Chris Trystad 摄，CC BY 2.0，经 Wikimedia Commons。 / Photo: A residential fireplace (file photo). Photo by Chris Trystad, CC BY 2.0, via Wikimedia Commons.
