HNI (US:HNI) ZACKS·2024-10-29 13:41Core Insights - HNI reported quarterly earnings of $1.03 per share, exceeding the Zacks Consensus Estimate of $0.97 per share, and showing an increase from $0.93 per share a year ago, resulting in an earnings surprise of 6.19% [1] - The company posted revenues of $672.2 million for the quarter ended September 2024, which was below the Zacks Consensus Estimate by 6.38% and a decrease from $711.6 million year-over-year [2] - HNI has outperformed the S&P 500 with a year-to-date gain of approximately 23.9% compared to the S&P 500's 22.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.04 on revenues of $700 million, and for the current fiscal year, it is $3.17 on revenues of $2.63 billion [7] - The estimate revisions trend for HNI is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Business - Office Products industry, to which HNI belongs, is currently ranked in the top 13% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The performance of HNI's stock may be influenced by the overall industry outlook, as empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions [5]