Q4 2024 HNI Corp Earnings Call Transcript
Key Points
- HNI Corp (HNI) achieved a third consecutive year of double-digit non-GAAP EPS growth in 2024.
- The company reported a record high non-GAAP EPS of $3.06 for the full year, up 15% from 2023.
- Consolidated operating margin expanded by 130 basis points to 8.6%, the highest level since 2005.
- Workplace furnishings segment saw a 44% increase in non-GAAP operating profit, with a margin of 9.5%, the highest since 2007.
- HNI Corp (HNI) has strong earnings visibility through 2026, driven by operational improvements and synergy initiatives.
- Workplace furnishings experienced softness with small and medium-sized customers, particularly in the transactional business.
- Fourth quarter revenue in the contract furniture business was down slightly due to the timing of larger projects.
- Residential building products saw a 5% year-over-year revenue decline in the fourth quarter due to housing market weakness.
- Tariff uncertainty and rising inflation expectations are expected to cause ongoing volatility in 2025.
- First quarter 2025 non-GAAP earnings per share are expected to decrease slightly due to the impact of tariffs.
Good morning and welcome to HNI Corporation 4th quarter and year-end fiscal 2024 results conference calls. (Operator Instructions)
As a reminder, today's call is being recorded. I will now hand today's call over to Matt McCall. Please go-ahead sir.
Good morning. My name is Matt McCall. I'm Vice President Investor Relations and Corporate Development for HNI Corporation. Thank you for joining us to discuss our fourth quarter and fiscal year 2024 results. With me today are Jeff Lorenger, Chairman, President and CEO, and VP Berger, executive Vice President and CFO.
Copies of our financial news release and non-gap reconciliations are posted on our website. Statements made during this call that are not strictly historical facts are forward-looking statements, which are subject to known and unknown risk. Actual results could differ materially. The financial news release posted on our website includes additional factors that could affect actual results.
The
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