What To Expect From HNI’s (HNI) Q2 Earnings

Workplace furnishings manufacturer HNI Corporation (NYSE:HNI) will be announcing earnings results this Thursday before market hours. Here’s what to expect.

HNI missed analysts’ revenue expectations last quarter, reporting revenues of $1.35 billion, up 125% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates.

Is HNI a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting HNI’s revenue to grow 121% year on year, improving from the 7% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. HNI has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at HNI’s peers in the business services & supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MillerKnoll delivered year-on-year revenue growth of 4.4%, beating analysts’ expectations by 3.1%, and UniFirst reported revenues up 3.9%, topping estimates by 1%. UniFirst traded up 3.4% following the results.

Read our full analysis of MillerKnoll’s results here and UniFirst’s results here.

There has been positive sentiment among investors in the business services & supplies segment, with share prices up 5.1% on average over the last month. HNI is up 10.5% during the same time and is heading into earnings with an average analyst price target of $69 (compared to the current share price of $44.10).

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