SCS - Steelcase Inc.

HNI Corporation Q1 Preview: Steelcase Integration Needs To Show It Was Worth It

HNI Corporation is rated Hold pending evidence that the Steelcase acquisition delivers promised synergies and margin expansion. Recent 38% sales growth is driven by Steelcase, but underlying organic growth remains modest at 9% year-over-year. Acquisition costs temporarily depressed margins; next quarter's results will better reflect Steelcase's full integration and operational impact.