reports
Hni Corp: 1 director
A director at Hni Corp sold 5,299 shares at 52.957USD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing...
- Brian Gordon
- Budd Bugatch
HNI: 2Q24 Adjusted EPS of $0.79 Beats WTR Estimate of $0.62 by $0.17; ...
Before the opening Thursday, HNI reported strong 2Q24 earnings results. Diluted GAAP EPS of $0.75 compared with a reported GAAP loss of $0.30 in 2Q23 due to acquisition costs from acquiring Kimball International. More importantly, non-GAAP EPS beat our $0.62 estimate (and consensus of $0.61) due to a strong performance from the Workplace Furnishings (WF) profit transformation and continued excellent profit performance from HNI’s market leading Residential Building Products (RBP) segment. The onl...
- Brian Gordon
- Budd Bugatch
Updating FY25 and FY26 EPS Estimates Following HBF Restructuring Annou...
With this note, we update our FY25 and FY26 EPS estimates following HNI’s earlier announced plant consolidation and restructuring initiative. Our note from May 21 discusses HNI’s plans to close its Hickory, NC Workplace Furnishings (WF) furniture manufacturing operation and transfer that production to its other North American facilities. Our refreshed estimates give effect to management’s targeted cost savings and synergies in production and logistics. We expect FY25 EPS of $3.64, up $0.08 from ...
- Brian Gordon
- Budd Bugatch
Announces $10.3MM HBF Restructuring; FY24 Numbers Unaffected as Costs ...
After Monday’s market close, HNI announced an intended plant consolidation in which it will close its Hickory, NC furniture manufacturing plant (HBF is part of its Workplace Furnishings [WF] segment) during 1H25 and transfer production to other North American facilities. Management avows that the initiative will improve productivity and strengthen operations but, importantly, will not sacrifice capacity or create disruption to customers who will benefit ultimately from better delivery and logist...
- Brian Gordon
- Budd Bugatch
Revising FY24 EPS Estimates Following Strong 1Q EPS Beat and Continued...
In the wake of HNI’s strong 1Q margin performance, we are revising our FY24 and out-year consolidated revenue and EPS estimates (see Figure 1). In its release and earnings call, management exuded confidence that margins should continue to expand through FY24 given the combined effects of price/cost gains, productivity improvements, simplification/streamlining initiatives, and accretion from the mid-2023 KII acquisition. Our new estimates reflect better margins, with adjustments accounting for a...
- Brian Gordon
- Budd Bugatch
HNI 1Q24 EPS of $0.37 (Versus $0.04 LY) Nearly Double Our Estimate of ...
HNI posted 1Q24 EPS of $0.37, far exceeding our estimate of $0.19, consensus of $0.18, and 1Q23 results of $0.04 despite a high single-digit organic revenue decline. Accretion from the KII acquisition and management’s initiatives to boost profitability catalyzed the beat. Consolidated gross margin of 39.6% (up 323 bps) and operating income margin of 5.1% (up 371 bps) reflect substantial Y/Y improvement in both segments. In Workplace Furnishings (WF), 1Q24 operating income margin advanced 731 bps...
- Budd Bugatch
- Rex Henderson
Raising Full-Year Estimate
Following a strong 4Q23 report and solid guidance, we are raising our full-year estimate and adjusting the interim periods. 4Q margins were strong, notably in the Residential Building Products (RBP) segment. Workplace Furnishings (WF) margins also improved, with improvement still ahead through pricing, productivity, and KII integration savings. Hearth orders in the RBP segment have been stronger in the new construction channel. Management expects mid-single-digit growth in 2024 and remodel/retro...
- Budd Bugatch
- Rex Henderson
HNI Margins Drive Adjusted EPS Beat
Before the open, HNI reported 4Q23 results, beating on adjusted EPS and roughly in line on the consolidated revenue line. Adjusted EPS was $0.98, well ahead of our estimate of $0.84 and consensus of $0.83. The adjusted number excluded ~$0.50 of restructuring asset impairment and acquisition-related costs. Revenue was $679.8 million, up 19.5% Y/Y, just below our estimate, and about $5 million below consensus. Residential Building Products (RBP) revenue fell 13.1% versus the same period a year ago...
- Budd Bugatch
- Rex Henderson
4Q Preview: Watching Order Trends in Office Furniture
HNI reports 4QFY23 ended December 31, 2023, on February 22 before the market opens, followed by a conference call at 11:00 am ET. We are expecting EPS of $0.84 on revenue of $681 million. Consensus EPS is $0.83, with a range of $0.80-0.84 among four analysts. Consensus revenue is $685 million. A year ago, HNI reported EPS of $0.63 on revenue of $569 million. We expect the adjusted operating margin to expand 250 bps to 8.8%, partially offset by higher interest expense due to the debt incurred for...
- MarketLine Department
Okamura Corp - Company Profile and SWOT Analysis
Summary Okamura Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Okamura Corporation (Okamura) is a manufacturer and supplier of office furniture, store displays and material handling systems. Its product portfolio comprises meeting tables and chairs, study desks, stool...
- Budd Bugatch
- Rex Henderson
Introducing User-Friendly Model
We are publishing this note to introduce a new HNI financial model inclusive of the acquisition of Kimball International. We expect this new model will be more user-friendly for investors who want to see how we arrive at our estimates or tinker with the assumptions. Per our discipline, our model is available on request or visible through our partners. Our revenue and operating margin assumptions and estimates are mostly unchanged. That said, our EPS estimates have changed slightly because of our...
- Budd Bugatch
- Rex Henderson
Raising Estimates following Strong 3Q Earnings Report - Correction
This note corrects the version that was published on November 2. Due to errors in our model, the full-year estimate for 2024 was not calculated properly. The correct full-year 2024 EPS estimate is $2.65. We are raising our non-GAAP (adjusted) EPS estimates for 4Q23 and 2024 following HNI’s strong 3Q23 earnings report on Tuesday, October 31, 2023. Our sales estimates have moderated. Following the 3Q23 report, margins should be sustainably stronger. HNI reported 3Q23 adjusted EPS of $0.93, $0.30 b...
- Budd Bugatch
- Rex Henderson
Raising Estimates following Strong 3Q Earnings Report
We are raising our non-GAAP (adjusted) EPS estimates for 4Q23 and 2024 following HNI’s strong 3Q23 earnings report on Tuesday, October 31, 2023. Our sales estimates have moderated. Following the 3Q23 report, margins should be sustainably stronger. HNI reported 3Q23 adjusted EPS of $0.93, $0.30 better than consensus. Sales were roughly in line. Margins in both segments, Residential Building Products (RBP) and Workplace Furnishings (WF), beat our expectations and likely consensus. Conference call ...
- Budd Bugatch
- Rex Henderson
3Q23 Margins Beat Expectations
Before market open today, HNI reported 3Q23 adjusted EPS of $0.94, substantially ahead of our estimate of $0.64 and consensus of $0.63. Positive surprises on the gross margin line accounted for the beat. Sales were roughly in line with expectations at $711.7 million versus our $713 million estimate. Our pre-report concerns were answered with strong performance. Revenue in the Legacy Workplace Furnishings segment was roughly in line with the year-ago quarter, confirming for us that demand in off...
- Budd Bugatch
- Rex Henderson
3Q Preview: Looking for Steady Demand in WF Segment, Margins in RBP
HNI reports 3Q23 on Tuesday, October 31 before the market opens, with its earnings conference call scheduled for 11:00 am ET. We expect 3Q23 non-GAAP EPS of $0.64 on consolidated sales of $713 million. Consensus is $0.63 EPS on consolidated sales of $713 million. In 3Q22, HNI delivered $0.71 in non-GAAP EPS on consolidated sales of $598.8 million. We see several key questions: Stability in the demand for office furniture. Results from competitors suggest that demand has bottomed and that a rec...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
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- Budd Bugatch
- Rex Henderson
Revising Estimate to Correct Modeling Error(s)
We are revising our recent estimates for HNI to correct a significant error in our understanding of guidance for the contribution to revenue and earnings from the Kimball International (KII) acquisition. We misunderstood the guidance for 2H revenue for KII to be in the range of $340-370 million. That number applies to the full-year contribution, including $52 million already reported. Management expects a 2H contribution in the range of $290-320 million. Our expectations for operating income wer...
- Budd Bugatch
- Rex Henderson
Integrating KII and Updating Estimates
With this note, we are updating our estimates for FY23 and FY24 to reflect the surprisingly strong margin performance in legacy HNI Workplace Furnishings, the integration of Kimball International (KII), and promised margin improvement in Residential Building Products (Hearth). One note on how we have modeled the next four quarters. Through 2QFY24, we are modeling KII revenues and operating income independent of the legacy WF. We expect to have visibility on KII and the legacy business for four q...
- Budd Bugatch
- Rex Henderson
2Q Earnings: Workplace Furnishings Powers Adj. EPS Beat; KII Acquisiti...
Before market open on August 8, HNI reported 2QFY23 adjusted EPS of $0.55, a strong beat against consensus of $0.21 and our low estimate of $0.16. GAAP earnings, including more than $40 million in charges, of which ~$38 million was acquisition related, were ($0.30). Relative to our estimate, the legacy HNI Workplace Furnishings business, which accounted for about $0.45 of the beat, partially offset lower earnings in the Residential Home Products ~($0.07) and higher corporate expense ~($0.06). Th...
- Budd Bugatch
- Rex Henderson
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 attach...
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