MillerKnoll Q4 2023 Earnings Report
Key Takeaways
MillerKnoll reported Q4 net sales of $956.7 million, a 13.1% decrease year-over-year. However, the gross margin improved by 230 basis points. The company generated $92.5 million in cash flow from operations and repaid $48.4 million of debt.
Gross margin expanded by 230 basis points over the prior year.
Captured $131 million of run-rate cost synergies related to the Knoll integration to date.
Generated $93 million of cash flow from operations and repaid almost $50 million of debt.
Orders decreased by 9.0% on a reported basis year-over-year, an improvement compared to the previous quarter.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Forward Guidance
For fiscal year 2024, MillerKnoll expects net sales to be slightly lower year-over-year, with earnings back-half weighted. Adjusted diluted earnings are projected to be in the range of $1.70 to $2.00 per share. For Q1 2024, net sales are expected to range between $880 million and $920 million, and adjusted diluted earnings between $0.18 and $0.24 per share.