HNI Corporation sees FY24 EPS ‘up strongly’ from 2023

The company said, “For the second half of 2024, Workplace Furnishings net sales are expected to increase at a low-single digit rate year-over-year. This Workplace outlook represents a modest reduction from the outlook provided in the previous earnings release and primarily reflects timing in the contract space. Second-half Residential Building Products net sales are projected to grow at a mid-single digit pace versus the same period in 2023. Year-over-year trends in both segments are expected to improve from the third quarter to the fourth quarter. Full-year non-GAAP earnings per share are expected to increase strongly from 2023 and reach record levels. Continued improvement in the second half is expected to be driven by margin expansion in both Workplace Furnishings and Residential Building Products. The Corporation expects $70 to $75 million of savings associated with KII synergies (approximately $50 million) and the ramp of its Mexico facility ($20 to $25 million). Both initiatives are currently underway and provide strong visibility to future earnings growth with an estimated $45 to $50 million of the savings benefiting the 2025 to 2026 period.”