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Mar 04, 2023
MillerKnoll Q3 2023 Earnings Report
Reported strong earnings and margin expansion despite softening economic conditions.
Key Takeaways
MillerKnoll reported a 4.4% decrease in net sales to $984.7 million, but delivered strong earnings and margin expansion. Adjusted earnings per share were $0.54, compared to $0.31 for the same period last year. The company captured $123 million in run-rate cost synergies related to the Knoll integration.
Reported and adjusted gross margin expansion of 110 and 260 basis points respectively over the prior year.
Continued actions to reduce cost structure and improve operating efficiencies to help drive long-term margin improvement.
$123 million of run-rate cost synergies related to the Knoll integration captured to date.
Improved cash flow from operations, helping to further strengthen the balance sheet.
Revenue by Segment
Forward Guidance
Net sales for the fourth quarter of fiscal year 2023 are expected to range between $930 million to $970 million. Adjusted diluted earnings per share are anticipated to be between $0.37 to $0.43 for the quarter.
Positive Outlook
- Driving Growth Through Product Innovation
- Inclusive and Sustainable Design
- Continue to innovate by launching new products within all our brands and through all our channels.
- Continue to deliver against our sustainability goals.
- Herman Miller was recognized by The Chemical Footprint Project for our commitment to minimizing chemical footprints and integrating criteria for better alternatives into our design and safety processes.
Challenges Ahead
- Customers are navigating challenging macro-economic conditions
- Near-term pressure on our top line.
- Net sales for the fourth quarter of fiscal year 2023 are expected to range between $930 million to $970 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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