HNI Corporation (NYSE:HNI) Q1 2023 Earnings Conference Call May 8, 2023 11:00 AM ET
Company Participants
Matthew McCall - Vice President, Investor Relations and Corporate Development
Jeffrey Lorenger - Chairman, President and Chief Executive Officer
Marshall Bridges - Senior Vice President and Chief Financial Officer
Conference Call Participants
Budd Bugatch - Water Tower Research
Reuben Garner - Benchmark Company
Greg Burns - Sidoti & Company LLC
Steven Ramsey - Thompson Research Group
Operator
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the HNI Corporation First Quarter Fiscal 2023 Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
Mr. McCall, you may begin your conference.
Matthew McCall
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 first quarter fiscal 2023 results. With me today are Jeff Lorenger, Chairman, President and CEO; and Marshall Bridges, Senior Vice President and CFO. Copies of our financial news release and non-GAAP 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 risks. Actual results could differ materially. The financial news release posted on our website includes additional factors that could affect actual results. The corporation assumes no obligation to update any forward-looking statements made during the call.
I'm now pleased to turn the call over to Jeff Lorenger. Jeff?
Jeffrey Lorenger
Good morning, and thank you for joining us. Our first quarter results were better than expected, reflecting the momentum we have with our strategies, our market positions and our actions to streamline our businesses. On the call today, I will highlight three key topics. First, our profit improvement actions in Workplace Furnishings continued to deliver results. Second, recent Workplace Furnishings demand trends are encouraging. And third, our Residential Building Products segment is performing well despite a period of weaker demand.
Following those highlights, I will provide a brief update on the Kimball International transaction. Marshall will then review our outlook. I will conclude with some general closing commentary before we open the call to your questions.
Moving to the first topic. Our profit improvement actions in Workplace Furnishings are delivering results. The first quarter of 2023 marked the fourth consecutive quarter of year-over-year profit improvement in Workplace Furnishings. During the quarter, multiple drivers supported our profit improvement. Specifically, our annual net productivity savings returned following a year of elevated investment, benefits from streamlining efforts and cost actions implemented in 2022 continue to deliver and price benefits exceeded cost inflation.