HNI Corporation (NYSE:HNI) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET
Company Participants
Matthew McCall - VP, Investor Relations and Corporate Development
Jeffrey Lorenger - Chairman, President & CEO
Marshall Bridges - CFO & SVP
Conference Call Participants
Budd Bugatch - Water Tower Research
Greg Burns - Sidoti & Company
Reuben Garner - The Benchmark Company
Steven Ramsey - Thompson Research Group
Operator
Thank you for standing by. My name is Christina, and I will be your conference operator today. At this time, I would like to welcome everyone to the HNI Corporation second-quarter results conference call. [Operator Instructions].
Thank you. 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 second quarter fiscal 2024 results. With me today are Jeffrey 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 from the financial news release posted on our website includes additional factors that could affect actual results. Corporation assumes no obligation to update any forward-looking statements made during the call. I am now pleased to turn the call over to Jeff Lorenger. Jeff?
Jeffrey Lorenger
Good morning and thank you for joining us. Our members once again demonstrated the organization's ability to deliver strong profit growth in the second quarter. Non-GAAP EPS of $0.79 exceeded our internal expectations and was 44% higher than the prior year period and was also a record result for the second quarter.
In Workplace Furnishings, the combination of our profit transformation initiatives and the benefits from the Kimball International acquisition continue to deliver strong earnings growth with segment non-GAAP operating profit growing 67% year over year.
In Residential Building Products, we drove profit growth and margin expansion despite ongoing housing market challenges. Non-GAAP operating profit increased 17% year over year, demonstrating the strength of our business.
Overall our strategies, our dedicated member owners, our customer first mindset and our proven ability to manage through all parts of the economic cycle helped us drive excellent results in the first half of 2024. Looking forward, we are increasingly optimistic about the future and the opportunities that we see in both segments of the business.