Workplace furnishings manufacturer HNI Corporation (NYSE: HNI) will be announcing earnings results this Wednesday before market hours. Here’s what investors should know.
HNI beat analysts’ revenue expectations last quarter, reporting revenues of $888.4 million, up 38.3% year on year. It was a slower quarter for the company, with a significant miss 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 129% year on year, improving from the 2% 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 to 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 Q1 results, giving us a hint as to what we can expect. MillerKnoll delivered year-on-year revenue growth of 5.8%, missing analysts’ expectations by 1.6%, and CECO Environmental reported revenues up 16.5%, topping estimates by 4.1%. MillerKnoll traded down 22.4% following the results while CECO Environmental was up 11.6%.
Read our full analysis of MillerKnoll’s results here and CECO Environmental’s results here.
There has been positive sentiment among investors in the business services & supplies segment, with share prices up 8.7% on average over the last month. HNI is up 11.7% during the same time and is heading into earnings with an average analyst price target of $72 (compared to the current share price of $35.87).
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