Workplace furnishings manufacturer HNI Corporation (NYSE: HNI) will be reporting results this Tuesday before market hours. Here’s what investors should know.
HNI beat analysts’ revenue expectations by 3.2% last quarter, reporting revenues of $667.1 million, up 7% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.
Is HNI a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting HNI’s revenue to grow 2.9% year on year to $691.5 million, a reversal from the 5.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.07 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 a history of exceeding Wall Street’s expectations, beating revenue estimates every single time since going public by 3.3% on average.
Looking at HNI’s peers in the business services & supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Steelcase delivered year-on-year revenue growth of 4.8%, beating analysts’ expectations by 2.7%, and MillerKnoll reported revenues up 10.9%, topping estimates by 4.9%. Steelcase’s stock price was unchanged after the resultswhile MillerKnoll was down 10.4%.
Read our full analysis of Steelcase’s results here and MillerKnoll’s results here.
Investors in the business services & supplies segment have had steady hands going into earnings, with share prices flat over the last month. HNI is down 2.7% during the same time and is heading into earnings with an average analyst price target of $66.75 (compared to the current share price of $45.25).
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