3Q22 EPS Beats Estimates; Revenues Miss; 4Q22 Guidance Cut Reflecting Challenging Business; Now Implying Lower Earnings for 2023
KEY POINTS Before market open on October 24, HNI reported 3Q22 results. Non-GAAP (adjusted) EPS of $0.71 on sales of $598.8 million beat our EPS...
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Updating Our Estimates for the 3QF22 and 4QF22 To Reflect Industry and Macro Data Since July
KEY POINTS We are updating our estimates for HNI to reflect incoming data on industry shipments and deteriorating macroeconomic conditions, while...
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Reviewing 2Q22 Results and Updating Estimates; Strong Sales and Improved Profits Versus 2Q21; Softening Macroeconomy Catalyzes More Cautious Outlook
KEY POINTS Highlights from 2Q22. HNI reported strong sales and improving profits as price increases began recapturing margin lost to inflation....
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Initiating Coverage: Two Storied Companies Combine – An In-Depth Examination of Herman Miller and Knoll, Together as MillerKnoll
KEY POINTS Herein, we introduce coverage of MillerKnoll, Inc. (MLKN), the resulting corporate entity (and stock ticker) after Herman Miller...
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Updating Estimates on HNI Corporation After 1Q22 Report: Strong Order Growth and Positive Price-Cost Mark a Solid Quarter for HNI
KEY POINTS Highlights from 1Q22 included: (1) Consolidated sales of $553.2 million, up 18.2% from 1Q21, with Workplace Furnishings up 16.6% and...
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