Workplace furnishings manufacturer HNI Corporation (NYSE:HNI) will be reporting results tomorrow morning. Here’s what to look for.
HNI missed analysts’ revenue expectations by 2.2% last quarter, reporting revenues of $642.5 million, down 5.5% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS estimates.
Is HNI a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting HNI’s revenue to decline 1.3% year on year to $580.5 million, a reversal from the 22.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.34 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. HNI has missed Wall Street’s revenue estimates five times over the last two years.
Looking at HNI’s peers in the office & commercial furniture segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Steelcase delivered year-on-year revenue growth of 1.7%, meeting analysts’ expectations, and Interface reported revenues up 2.6%, in line with consensus estimates. Steelcase traded up 6.5% following the results while Interface was also up 1.7%.
Read our full analysis of Steelcase’s results here and Interface’s results here.
There has been positive sentiment among investors in the office & commercial furniture segment, with share prices up 11.2% on average over the last month. HNI is up 4.8% during the same time and is heading into earnings with an average analyst price target of $61.67 (compared to the current share price of $43.17).
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