The following is a summary of the HNI Corporation (HNI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• HNI Corporation reported triple the earnings of the previous year in Q1 2024, delivering the highest operating margin and EPS since 2007.

• Non-GAAP EPS of $0.37 represented a 185% year-on-year increase, despite an 8% dip in organic revenue.

• Kimball International contributed to these strong results, generating an operating profit margin of 9.3% and adding about $0.10 to the non-GAAP EPS in Q1.

Business Progress:

• HNI is on track with their profit transformation plan, leading to ongoing profit and margin growth.

• The integration of Kimball International is expected to result in cost synergies worth $35 million at maturity.

• Despite challenges in the housing market, the residential building products segment delivered solid results, assisted by cost reduction activities.

• The company has plans for faster growth and margin expansion in the residential building products segment.

• HNI anticipates modest growth in the contract segment, expecting small to mid-single-digit growth in the second half of the year.

• Additionally, they expect Kimball's incremental revenues to range around $135-$140 million.

More details: HNI Corp IR

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