HNI rises after Q1 earnings beat

HNI

08/05/2023 16:53

** Shares of office furniture maker HNI Corp  HNI.N  up
10.3% at $27.83
    ** Co posts Q1 sales of $479.1 mln, beating analysts'
estimates of $462.3 mln - Refinitiv
    ** Q1 adjusted profit of 13 cents/shr also ahead of
estimated loss of 3 cents/shr
    ** HNI sees Q2 operating income exceeding Q1 2023 levels 
    ** However, co sees weaker macro conditions impacting demand
and profitability at its workplace furnishings business through
Q2 
    ** Expects weak housing market to keep revenue and profit
under pressure through rest of 2023 for its residential products
unit
    ** Stock has risen ~3% YTD

 (Reporting by Richard Rohan Francis in Bengaluru)
 ((RichardRohan.Francis@thomsonreuters.com;))