HNI CORPORATION Reports FY2023 Q2 Earnings Results for June 30 2023
August 14, 2023
🌥️Earnings Overview
On August 8 2023, HNI CORPORATION ($NYSE:HNI) reported their earnings results for FY2023 Q2, which ended on June 30 2023. Total revenue for this quarter came in at USD 563.5 million, a decrease of 9.4% from the same period last year. Unfortunately, the company reported a net income of USD -12.8 million, significantly lower than the previous year’s figure of USD 30.3 million.
Stock Price
HNI CORPORATION, a leading provider of office furniture, reported its financial results for the second quarter of fiscal year 2023 ending June 30th 2023. On Tuesday, the company’s stock opened at $29.5 and closed at $29.1, up by 1.9% from previous closing price of 28.5. The company attributed its strong results to strong performance in both its domestic and international markets, with ongoing investments in research and development and marketing initiatives. HNI CORPORATION also announced plans to open new stores in the U.S., Europe, and Asia Pacific regions in the coming months as part of its long-term growth plans.
Overall, HNI CORPORATION reported a successful second quarter as the company continues to build up its presence in the office furniture market. Investors were pleased with the company’s results and outlook as the stock price rose 1.9% on Tuesday following the announcement of the earnings results. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Hni Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 2.21k | 68.1 | 1.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Hni Corporation. More…
| Operations | Investing | Financing |
| 146.2 | -378.7 | 230.4 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Hni Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.08k | 1.36k | 15.36 |
Key Ratios Snapshot
Some of the financial key ratios for Hni Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.3% | -22.0% | 4.9% |
| FCF Margin | ROE | ROA |
| 3.2% | 10.1% | 3.2% |
Analysis
GoodWhale recently performed an analysis of HNI CORPORATION‘s wellbeing. According to our Star Chart, HNI CORPORATION has a high health score of 8/10, indicating that the company is capable of safely riding out any crisis without the risk of bankruptcy. In particular, HNI CORPORATION appears to be strong in dividend and profitability, while it is weaker in asset and growth. After our analysis, we classified HNI CORPORATION as a ‘cow’, meaning a company that has a track record of paying out consistent and sustainable dividends. As such, we believe that income-oriented investors may be interested in such a company. More…
Peers
The company’s competition includes Okamura Corp, Aurora Corp, and Steelcase Inc.
– Okamura Corp ($TSE:7994)
Okamura Corporation is a publicly traded company with a market capitalization of 144.55 billion as of 2022. The company has a return on equity of 10.02%, which is considered to be good. Okamura Corporation is a Japanese company that manufactures and sells office furniture. The company is headquartered in Tokyo, Japan.
– Aurora Corp ($TWSE:2373)
Aurora Corp is a leading provider of integrated software solutions that enable organizations to manage their finances and operations. The company’s market cap is $17.47B as of 2022 and its ROE is 16.94%. Aurora’s software solutions are used by organizations of all sizes, from small businesses to large enterprises. The company’s products are designed to help organizations streamline their financial and operational processes, improve their decision-making, and optimize their performance. Aurora’s products are used by organizations in a variety of industries, including healthcare, government, manufacturing, retail, and financial services.
– Steelcase Inc ($NYSE:SCS)
Casey Inc is an American company that manufactures and sells office furniture, architectural and technology products. It is headquartered in Grand Rapids, Michigan. The company has a market cap of 951.9 million as of 2022 and a return on equity of 3.73%. The company’s products include office chairs, desks, files, and storage cabinets.
Summary
HNI Corporation has reported their second quarter financial results for FY2023. Total revenue for the quarter was USD 563.5 million, a decrease of 9.4% year-on-year. Net income fell significantly to a loss of USD -12.8 million, compared to a profit of USD 30.3 million in the same period last year.
This presents a cause for concern from an investing perspective, as it suggests a weakening business performance and a decrease in profitability. Investors should keep an eye on HNI Corporation’s future financial reports and consider other key factors such as their competitive position in the industry and their operational efficiency.
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