FX.co ★ HNI Corp. Q1 Results Top Estimates

HNI Corp. revealed that their net income for the first quarter significantly increased to $17.7 million, a sharp rise from $1.6 million during the same period last year. This equates to $0.37 per share, which is a substantial increase from the $0.04 per share noted last year.

Four analysts, as surveyed by Thomson Reuters, predicted HNI would report earnings of $0.18 per share for the quarter. These predictions generally leave out any special or unexpected incidents.

The company also saw a 22.7% growth in net sales, tallying in at $588 million in comparison to $479.1 million in the same quarter of the previous year. Despite this, on organic terms, the sales had a slight dip of 8.1%. Financial pundits were predicting sales of $574.56 million for this quarter.

Looking forward to the second quarter, HNI forecasts an appreciable increase in adjusted earnings year-over-year. This expected increase is purported to be due to benefits received from the KII initiative and the continued profit reformation in the Legacy Workplace Furnishings. This optimistic outlook is despite the increasingly challenging comparisons with the same period from the previous year.

For the fiscal year 2024, HNI anticipates a strong surge in earnings compared to the 2023 levels. This predicted rise is due to the continuous margin expansion in Workplace Furnishings and the added benefit of a full year of increment from the KII initiative.