HNI Q2 GAAP EPS $0.75, non-GAAP $0.79 (+44% YoY); record EPS expected in 2024

HNI CORP

2024-Q2 EPS reported $1.11 revenue$1,211,700,000

GAAP EPS $0.75, non-GAAP $0.79 (+44% YoY); net sales $623.7M (+10.7% YoY, organic -3.0%).
Workplace Furnishings operating margin expanded 750 bps GAAP / 370 bps non-GAAP YoY to 11.3%/11.9%.
Residential Building Products net sales down 4.6% YoY to $143.5M; operating margin up 350 bps GAAP to 13.8%.
Guidance: H2 net sales growth (low-single digit WF, mid-single digit RBP); record full-year non-GAAP EPS.
Beyond 2024: $70-75M of savings from KII synergies and Mexico ramp; $45-50M benefit in 2025-2026.

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