Loading...
•
Jul 01, 2023
HNI Q2 2023 Earnings Report
HNI Corporation reported earnings for the second quarter of fiscal year 2023.
Key Takeaways
HNI Corporation reported sales of $563.5 million and a net loss of $12.8 million. Non-GAAP EPS grew six percent despite a nine percent decline in net sales compared to the prior year.
Grew non-GAAP profit in a challenging demand environment.
Delivered significant profit improvement in Workplace Furnishings.
Kimball International accretion moves significantly higher due to planned exit of Poppin.
Profit support actions in place in Residential Building Products.
Revenue by Segment
Forward Guidance
The Corporation expects second half organic revenue to grow at a rate in the low single-digits for Workplace Furnishings. In Residential Building Products, the Corporation expects year-over-year revenue declines to moderate in the second half due to lower prior-year comparisons, moving past the normalization of trade inventory in the remodel/retrofit channel, and improved trends in new construction.
Positive Outlook
- Continued year-over-year profit and margin improvement in Workplace Furnishings.
- The addition of Kimball International will strengthen our business.
- It better positions us to lead in the evolving workplace environment and provides new opportunities for profit growth.
- The intermediate- to long-term fundamentals of the housing market are strong as the market remains undersupplied.
- Demographic trends will continue to support demand.
Challenges Ahead
- The Corporation expects third quarter 2023 non-GAAP EPS to be modestly below third quarter 2022 levels primarily due to lower volume in Residential Building Products
- Normalization of variable compensation
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...