HNI Corporation sees FY24 EPS up solidly year-over-year, consensus $2.82

The company said, “The Corporation expects 2024 organic revenue to grow at a low-single-digit rate in both Workplace Furnishings and Residential Building Products. For Workplace Furnishings, this outlook assumes demand conditions remain generally in-line with those experienced in the second-half 2023. In Residential Building Products, the Corporation expects growth in new construction to be partially offset by continued declines in remodel/retrofit. The Corporation expects KII to add $215 to $225 million of incremental revenue to 2024 and be solidly accretive to earnings. The Corporation expects to further reduce leverage and improve its already strong balance sheet during 2024 through modest debt reduction and continued EBITDA growth. Low leverage and consistent cash flow generation will provide the Corporation with substantial capacity for capital deployment. The Corporation’s current priorities for capital deployment are reinvesting in the business, funding dividends, and pursuing share buybacks and M&A opportunities.”