HNI Corp. (NYSE: HNI) reported Q4 EPS of $0.43, $0.02 better than the analyst estimate of $0.41. Revenue for the quarter came in at $602.9 million versus the consensus estimate of $596.63 million.

Fiscal Year 2022 Outlook:

Capacity additions and benefits from pricing actions are expected to drive strong revenue growth and accelerating profit improvement as 2022 progresses.

• Workplace Furnishings revenue: pricing benefits, backlog normalization, and assumed market improvements are expected to drive revenue growth rates in the high teens to low twenties for 2022.
• Residential Building Products revenue: pricing benefits, inorganic revenue from acquisitions closed in 2021, and continued benefits from multiple growth initiatives are expected to fuel growth rates in the high teens for 2022, on top of 25 percent organic growth generated by the segment in 2021.
• Seasonality: earnings seasonality is expected to be more weighted to the back half of 2022 than in recent years when approximately 70 percent of total profit was generated during the second half.
• First Quarter 2022: the Corporation expects first quarter profitability to be below levels generated in the comparable prior-year period. On a sequential basis, the benefit from reduced price-cost pressure is expected to be more than offset by continued headwinds from labor availability, supply chain constraints, and COVID impacts, typical seasonal softness in the eCommerce and International Workplace Furnishings businesses, and investment in additional Workplace Furnishings capacity.
• Balance Sheet: the Corporation expects to maintain a strong balance sheet throughout 2022. Low leverage and continued free cash flow generation are expected to provide ample capacity for continued investment, dividend payments, M&A, and share buyback activity.

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