HNI Q2 sales $622M, EPS $0.72; lowers 2022 outlook on macro concerns

HNI CORP

2022-Q2 EPS reported $1.04 revenue$1,194,100,000

Q2 GAAP EPS $0.72 vs $0.39 YoY; non-GAAP EPS $0.52 vs $0.40 YoY; revenue $621.7M, up 21.8%.
Lamex office furniture business sold to Kokuyo for $75M; expected pretax gain ~$50M in Q3.
Lowered 2022 outlook: Workplace Furnishings growth now low teens (prev. high teens-low 20s); Residential high teens.
Returned over $53M to shareholders via dividends and buybacks in Q2.
Q3 EPS expected to improve sequentially and above prior year on favorable price-cost.

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