MillerKnoll Q3 2024 Earnings Report
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
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