HNI Slips To Loss In Q2, Adj. EPS Tops Estimates; Sees Modestly Lower Earnings In Q3

(RTTNews) - HNI Corp. (HNI), an office furniture manufacturer, reported Tuesday that its second-quarter net loss attributable to the company was $12.8 million, compared to last year's profit of $30.3 million.

Loss per share was $0.30, compared profit of $0.72 per share a year ago. The loss in the latest quarter primarily reflected transaction expenses related to the acquisition of Kimball International.

Adjusted earnings per share were $0.55, compared to $0.52 in the prior year.

On average, four analysts polled by Thomson Reuters expected earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the second quarter were $563.5 million, down 9.4 percent from $621.7 million last year. The Street was looking for sales of $564.29 million for the quarter.

Looking ahead, the company expects third-quarter adjusted earnings per shre to be modestly below last year primarily due to lower volume in Residential Building Products and normalization of variable compensation, partially offset by higher profitability in Workplace Furnishings.

The company expects second half organic revenue to grow at a rate in the low single-digits for Workplace Furnishings.

Further, for fiscal 2023, the company expects the Kimball acquisition excluding the impact of Poppin to be solidly accretive to adjusted earnings per share and add $340 to $370 million of revenue. The benefit to adjusted earnings per share is expected to be greatest in the fourth quarter.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.