HNI Q3 non-GAAP EPS $0.71 beats $0.43 prior year; Lamex sale gains $0.50; demand softens, outlook lowered

HNI CORP

2022-Q3 EPS reported $2.54 revenue$1,792,900,000

Q3 GAAP EPS $1.51 (includes $0.50 gain from Lamex sale); non-GAAP EPS $0.71 up 65% YoY.
Revenue $598.8M, +2.1% YoY; organic +3.3%; Workplace Furnishings -4.6%, Residential Building Products +15.5%.
Initiated $30M annual cost savings; Workplace orders fell 15%, Residential orders fell 6% in Q3.
Q4 outlook: Workplace revenue decline low-teens; Residential revenue growth low-to-mid single digits; non-GAAP EPS modestly above prior year but down sequentially.
Balance sheet strong; low leverage; free cash flow expected to support investment, dividends, M&A, buybacks.

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