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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.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Revenue by Segment
Global Retail Revenue
CapyFin.com 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.