HNI Corporation (NYSE:HNI) Q3 2024 Earnings Conference Call October 29, 2024 11:00 AM ET
Company Participants
Matt McCall - VP, IR & Corporate Development
Jeff Lorenger - Chairman, President & CEO
Marshall Bridges - SVP & CFO
VP Berger - EVP
Conference Call Participants
Reuben Garner - Benchmark
Greg Burns - Sidoti
Steven Ramsey - Thompson Research Group
Brian Gordon - Water Tower Research
Operator
Thank you for standing by. My name is Amy, and I will be your conference operator for today. At this time, I would like to welcome everyone to the HNI Corporation Third Quarter Fiscal 2024 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]
It is now my pleasure to turn the call over to Mr. McCall. Please go ahead.
Matt 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 third quarter fiscal 2024 results.
With me today are Jeff Lorenger, Chairman, President and CEO; Marshall Bridges, Senior Vice President and CFO; and VP Berger, Executive Vice President.
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?
Jeff Lorenger
Good morning, and thank you for joining us.
I'm going to divide my commentary today into three sections. I will start by providing some highlights on our third quarter results, which were strong. Non-GAAP EPS of $1.03 exceeded our internal expectations and was 11% higher than the prior-year period despite continued revenue pressure. Then, I will discuss our expectations for the fourth quarter, where we expect the near-term demand pause to impact results. Finally, I will cover why we are confident in our ability to continue to drive profit growth in the upcoming years. Specifically, I will highlight three key points that underscore our positive outlook for '25 and '26. We have elevated EPS visibility through 2026. Our workplace demand outlook remains encouraging, and our unique position and strong long-term market fundamentals provide reasons for optimism in Residential Building Products. Following these highlights, Marshall will review our outlook and discuss our strong financial position. I will conclude with some general closing comments before we open the call to your questions.