earnings
confidence high
sentiment neutral
materiality 0.80
HNI Q3 GAAP EPS $0.98 (+23% YoY), non-GAAP $1.03 (+11%); revenue down 5.5%; Q4 outlook soft
HNI CORP
2024-Q3 EPS reported
$2.09
revenue$1,883,900,000
- Q3 net sales $672.2M (-5.5% YoY); GAAP EPS $0.98 vs $0.80; non-GAAP EPS $1.03 vs $0.93.
- Workplace Furnishings non-GAAP operating margin hit 20-year high of 11.9% (up 190 bps YoY).
- KII acquisition synergies raised to $60M total; Mexico facility ramp adds $20-25M; $45-50M benefit expected 2025-2026.
- Q4 revenue expected to decline low-to-mid single digits in Workplace and low single digits in Residential; non-GAAP EPS to decrease YoY.
- Full-year 2024 non-GAAP EPS expected to grow 10%+ for third consecutive year.