The following is a summary of the HNI Corporation (HNI) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 Non-GAAP EPS was $0.79, up 44% from the previous year, demonstrating strong profit growth.
Workplace Furnishings segment non-GAAP operating profit grew 67% year over year.
Residential Building Products segment increased non-GAAP operating profit by 17% year over year despite market challenges.
Business Progress:
Achieved a multi-decade high operating margin of 11.9% in the Workplace Furnishings segment.
Kimball International acquisition continues to generate strong results with an operating margin of 13.3%.
Expecting growth in revenue in both Workplace Furnishings and Residential Building Products in H2 2024.
Opportunities:
Continued expansion in Kimball International's healthcare and hospitality businesses.
Investments in new products like electric fireplaces and expanding online capabilities.
Risks:
Revenue growth in the Workplace Furnishings will be gradual with slow improvement in market conditions.
More details: HNI Corp IR
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