2Q Preview: Adjusting 2QFY23 Estimate for Kimball Closing
Ahead of the HNI’s 2QFY23 earnings report on Tuesday, August 8, we are only adjusting our estimates for 2QFY23. HNI completed its acquisition of Kimball International on June 1. Our revised 2QFY23 estimate relies on our in-place HNI estimate plus an interpolation of our KBAL estimates for the time owned by HNI (the closing occurred after two months had passed). We peg that about one-third of expected Kimball 4Q23 revenues will be consolidated into HNI’s reported 2QFY23 revenues... We have attached a table summarizing the pro forma results for FY22 and 1QFY23 based on GAAP pro forma data provided in the June 1, 2023, 8K/A filing. We have broken out the FY22 data by quarter and attempted to calculate adjusted earnings and EPS.HNI provides office furniture and hearth products. The company's Office Furniture segment designs, manufactures, and markets a range of workplace furnishings. The company's portfolio includes panel-based and freestanding furniture systems and complementary products such as seating, storage, tables, and architectural products. The company provides office panel system products, benching, freestanding tables, storage, and social collaborative products. The company's Hearth Products segment manufactures and markets prefabricated fireplaces, hearth stoves, and related products. The company's line of hearth products includes a range of gas, wood, electric, and pellet fueled fireplaces, inserts, stoves, facings, and accessories.
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