HNI Corp Expects Q3 Adj Eps Below Q2 Vs $0.64 Est
Portfolio Pulse from Benzinga Newsdesk
HNI Corp expects Q3 2023 adjusted EPS to be slightly lower than Q3 2022 due to lower volume in Residential Building Products and normalization of variable compensation, partially offset by higher profitability in Workplace Furnishings. The company also expects the Kimball International acquisition to add $340 to $370 million of revenue and be solidly accretive to non-GAAP EPS in 2023, with the greatest benefit in Q4. The divestiture of Poppin is expected to be completed in Q3 2023, generating an operating loss of $3.5 to $4.0 million and revenue of $7 to $9 million.
August 08, 2023 | 11:39 am
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HNI Corp's Q3 2023 EPS is expected to be lower than Q3 2022 due to lower volume in Residential Building Products. However, the Kimball International acquisition is expected to add significant revenue in 2023, and the divestiture of Poppin is expected to be completed in Q3 2023.
The news directly pertains to HNI Corp's financial outlook. The expected lower Q3 2023 EPS could negatively impact the stock price, but the Kimball International acquisition and the completion of the Poppin divestiture could offset this impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100