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Sep 03, 2022
MillerKnoll Q1 2023 Earnings Report
Reported strong sales growth and continued progress with the integration of Knoll.
Key Takeaways
MillerKnoll reported a strong first quarter with a 37% increase in sales compared to the prior year, including 12% organic growth. The company is making progress on integrating Knoll, having captured $80 million in run-rate cost synergies. The company is facing economic softening in various regions.
First quarter consolidated net sales were $1.08 billion, reflecting an increase of 36.6% on a reported basis and 12.3% organically compared to the prior year.
Orders in the quarter of $1.01 billion were 10.5% higher on a reported basis and decreased 11.0% organically year-over-year.
Adjusted diluted earnings per share was $0.44 for the first quarter, compared to $0.50 for the same period last year.
Captured $80 million in run rate cost synergies at the end of the first quarter.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Revenue by Segment
Global Retail Revenue
CapyFin.com Forward Guidance
Expect sales in the second quarter of fiscal year 2023 to range between $1,027 million and $1,067 million. Anticipate earnings per share to be between $0.39 and $0.45 for the quarter.
Positive Outlook
- The mid-point implies a revenue increase of 2.0% compared to the same quarter last fiscal year on a reported basis
- The mid-point implies a revenue increase of 5% compared to the same quarter last fiscal year on an organic basis
Challenges Ahead
- Given the current macroeconomic backdrop, proactively taking additional steps to improve near-term profit and cash flow outlook.
- Offering a voluntary retirement window.
- Further optimizing organizational structure.
- Reductions in program spending.
- Rationalizing capital expenditures.