HNI Q2 GAAP loss $0.30/sh, non-GAAP EPS $0.55; plans Poppin divestiture

HNI CORP

2023-Q2 EPS reported -$0.27 revenue$1,042,500,000

Net sales $563.5M (-9.4% YoY); GAAP net loss $12.8M vs $0.72 EPS prior year.
Non-GAAP EPS $0.55, up 5.8% YoY; driven by favorable price-cost and profit improvement.
Workplace non-GAAP op margin 8.5% (+550 bps excl. Kimball Intl); segment profit up 149%.
Planned Poppin exit expects to increase annual op profit $20M, cut revenue $56M; completion Q3 2023.
Kimball International (ex-Poppin) solidly accretive to 2023 non-GAAP EPS; adds $340-370M revenue.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HNI CORP reported second quarter ended July 1, 2023 results: revenue $563.5 million, net income net loss of $12.8 million, EPS ($0.30).

Period: second quarter ended July 1, 2023
Revenue: $563.5 million
Net income: net loss of $12.8 million
EPS: ($0.30)
Result: reported results

Exact text from the filing

HNI Corporation (NYSE: HNI) today announced sales for the second quarter ended July 1, 2023 of $563.5 million and a net loss of $12.8 million. GAAP earnings per diluted share declined from $0.72 in the prior year to ($0.30) in the current year

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Source: SEC EDGAR

accession 0000048287-23-000186

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