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Sep 02, 2023
MillerKnoll Q1 2024 Earnings Report
Reported first quarter fiscal year 2024 results, exceeding earnings guidance through strong sales and gross margin expansion.
Key Takeaways
MillerKnoll reported a decrease in net sales by 14.9% to $917.7 million, and a decrease in orders by 9.8% to $913.7 million. However, gross margin increased by 450 basis points to 39.0%. Adjusted earnings per share were $0.37, compared to $0.44 for the same period last year.
Full year adjusted earnings guidance increased to a range of $1.85 to $2.15 per share.
Gross margin improved 450 basis points on a consolidated basis over the prior year, with expansion reported in all three segments.
Significant profit improvement in the Americas Contract segment which delivered reported and adjusted year-over-year operating margin expansion of 460 and 570 basis points respectively.
Organic order growth of 2.1% for the Americas Contract segment over the prior year.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal year 2024, the company expects net sales to range between $950 million to $990 million and adjusted diluted earnings to be between $0.52 to $0.58 per share. For full year fiscal 2024, they are increasing their guidance and expect to generate adjusted diluted earnings in the range of $1.85 and $2.15 per share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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