NYSE$HNI
HNI Corporation · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
HNI Corporation reported earnings for the second quarter of fiscal year 2023.
HNI Corporation reported sales of $563.5 million and a net loss of $12.8 million. Non-GAAP EPS grew six percent despite a nine percent decline in net sales compared to the prior year.
- Grew non-GAAP profit in a challenging demand environment.
- Delivered significant profit improvement in Workplace Furnishings.
- Kimball International accretion moves significantly higher due to planned exit of Poppin.
- Profit support actions in place in Residential Building Products.
Headline financials
Revenue & EPS history
HNI · Revenue · Quarterly
$564M
Revenue by segment
HNI · $563M total across 2 segments · Q2 2023
- Workplace Furnishings$413M+1.5%73.3%
- Residential Building$150M-30.1%26.7%
Forward guidance
The Corporation expects second half organic revenue to grow at a rate in the low single-digits for Workplace Furnishings. In Residential Building Products, the Corporation expects year-over-year revenue declines to moderate in the second half due to lower prior-year comparisons, moving past the normalization of trade inventory in the remodel/retrofit channel, and improved trends in new construction.
Tailwinds
- Continued year-over-year profit and margin improvement in Workplace Furnishings.
- The addition of Kimball International will strengthen our business.
- It better positions us to lead in the evolving workplace environment and provides new opportunities for profit growth.
- The intermediate- to long-term fundamentals of the housing market are strong as the market remains undersupplied.
- Demographic trends will continue to support demand.
Headwinds
- The Corporation expects third quarter 2023 non-GAAP EPS to be modestly below third quarter 2022 levels primarily due to lower volume in Residential Building Products
- Normalization of variable compensation
- The Corporation expects Residential Building Products revenue to decline at a year-over-year rate in the high teens during the second half of 2023 with the fourth quarter declining at a slower rate than the third quarter.
- Prior to the exit, Poppin is expected to generate an operating loss of $3.5 to $4.0 million during the third quarter.
- Prior to the exit, Poppin is expected to generate revenue of $7 to $9 million during the third quarter.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.4%
Avg return
Earnings day
+0.3%
Avg return
5 days after
-0.3%
Avg return
30 days after
45%
29 / 65 earnings
Positive
+13.8%
Q2 2023
Best reaction
-19.8%
Q3 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -8.1% | -10.6% | -14.5% | |
| Q4 2025 | -5.0% | -7.9% | -29.2% | |
| Q3 2025 | -0.4% | -9.0% | -8.5% | |
| Q2 2025 | +3.3% | +1.8% | +6.6% | |
| Q1 2025 | +1.1% | +12.6% | +7.5% | |
| Q4 2024 | +0.3% | -3.0% | -11.5% | |
| Q3 2024 | -4.2% | -4.1% | +8.6% | |
| Q2 2024 | +11.5% | +12.1% | +8.4% | |
| Q1 2024 | -1.3% | +4.0% | +4.6% | |
| Q4 2023 | +0.5% | +2.2% | +3.7% | |
| Q3 2023 | +9.6% | +15.5% | +17.1% | |
| Q2 2023 | +13.8% | +14.7% | +10.0% | |
| Q1 2023 | +8.6% | +9.9% | +9.3% | |
| Q4 2022 | -0.6% | -0.6% | -14.2% | |
| Q3 2022 | +1.8% | +2.8% | +5.0% | |
| Q2 2022 | -2.4% | -7.0% | -7.2% | |
| Q1 2022 | -0.4% | -4.5% | +7.9% | |
| Q4 2021 | -8.1% | -6.1% | -9.8% | |
| Q3 2021 | -7.3% | -6.4% | +6.5% | |
| Q2 2021 | -4.9% | -2.4% | -1.7% | |
| Q1 2021 | +1.8% | +3.9% | +10.3% | |
| Q3 2020 | +1.3% | +1.0% | +4.2% | |
| Q2 2020 | +6.0% | -1.1% | +4.4% | |
| Q1 2020 | -0.0% | +1.7% | +6.9% | |
| Q4 2019 | +7.1% | -2.2% | -42.6% | |
| Q3 2019 | +0.8% | +1.0% | +2.5% | |
| Q2 2019 | -1.3% | +0.4% | -10.9% | |
| Q1 2019 | -6.9% | -3.7% | -7.3% | |
| Q4 2018 | -11.2% | -8.1% | -12.2% | |
| Q3 2018 | +2.1% | -1.6% | -2.0% | |
| Q2 2018 | +11.7% | +7.5% | +10.6% | |
| Q1 2018 | -1.1% | +2.0% | +10.9% | |
| Q4 2017 | +4.1% | +3.0% | +9.4% | |
| Q3 2017 | -19.8% | -16.4% | -21.5% | |
| Q2 2017 | -6.0% | -5.3% | -7.1% | |
| Q1 2017 | -1.4% | -1.7% | -8.5% | |
| Q4 2016 | -0.0% | -1.7% | -2.3% | |
| Q3 2016 | +11.8% | +13.2% | +37.3% | |
| Q2 2016 | +5.8% | +5.2% | +7.8% | |
| Q1 2016 | +4.9% | — | — | |
| Q4 2015 | -1.1% | — | — | |
| Q3 2015 | -7.4% | — | — | |
| Q2 2015 | -1.9% | — | — | |
| Q1 2015 | -9.9% | — | — | |
| Q4 2014 | -4.1% | — | — | |
| Q3 2014 | +10.4% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2014 | -2.8% | — | — | |
| Q4 2013 | +8.1% | — | — | |
| Q3 2013 | +8.7% | — | — | |
| Q2 2013 | -1.2% | — | — | |
| Q1 2013 | -2.6% | — | — | |
| Q4 2012 | -4.6% | — | — | |
| Q3 2012 | -1.0% | — | — | |
| Q2 2012 | +4.6% | — | — | |
| Q1 2012 | +1.0% | — | — | |
| Q4 2011 | -1.8% | — | — | |
| Q1 2010 | -1.8% | — | — | |
| Q3 2011 | +12.5% | — | — | |
| Q2 2011 | -3.8% | — | — | |
| Q4 2009 | +4.8% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q3 2010 | +3.8% | — | — | |
| Q2 2010 | -2.0% | — | — | |
| Q4 2010 | -2.0% | — | — |
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