Loading...
•
Mar 02, 2024
MillerKnoll Q3 2024 Earnings Report
MillerKnoll reported third quarter fiscal 2024 results, with gross margin improvements and cost synergy realization, but faced sluggish demand due to macroeconomic conditions.
Key Takeaways
MillerKnoll reported a decrease in net sales by 11.4% to $872.3 million, but gross margin improved by 450 basis points. The company captured $153 million in run-rate cost synergies related to the Knoll integration. Adjusted earnings per share were $0.45, compared to $0.54 in the same period last year.
Consolidated gross margin improved 450 basis points year-over-year, with expansion in all three segments.
Net sales decreased by 11.4% on a reported basis and 10.1% organically.
Orders decreased by 6.2% on a reported basis and 4.7% organically.
Achieved $153 million of run-rate cost synergies related to the Knoll integration.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Revenue by Segment
N. America Contract Revenue
CapyFin.comInternational Contract Revenue
CapyFin.comGlobal Retail Revenue
CapyFin.com Forward Guidance
MillerKnoll expects net sales in the fourth quarter of fiscal 2024 to range between $880 million and $920 million, with adjusted diluted earnings per share between $0.49 and $0.57. The company anticipates full year adjusted diluted earnings per share of between $1.90 and $1.98.
Positive Outlook
- Mid-point of EPS range implies 29% YOY growth
- Gross margin % 38.1% to 39.1%
- Effective tax rate 21.0% to 23.0%
Challenges Ahead
- Net sales $880 million to $920 million
- Sluggish demand
- Tepid near-term macro-economic backdrop
- Operating expenses $274 million to $284 million
- Interest and other expense, net $16 million to $17 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income