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Jun 01, 2024
MillerKnoll Q4 2024 Earnings Report
Reported a decrease in net sales but an increase in orders and gross margin, with significant earnings per share growth.
Key Takeaways
MillerKnoll reported a decrease in net sales for the fourth quarter, but experienced growth in orders and a significant improvement in gross margin. The company achieved substantial earnings per share growth, driven by strategic initiatives and cost synergies.
Orders increased by 1.1% on a reported basis and 2.9% organically.
Gross margin improved by 250 basis points year-over-year.
Annualized run-rate cost synergy target of $160 million was achieved.
Diluted earnings per share grew by 63.4% compared to the same period last year.
Revenue by Segment
Forward Guidance
For fiscal year 2025, the company expects net sales to be above fiscal year 2024 and adjusted diluted earnings per share to be in the range of $2.10 to $2.30. For the first quarter of fiscal year 2025, net sales are expected to be between $872.0 million and $912.0 million, with adjusted diluted earnings between $0.38 and $0.44 per share.
Positive Outlook
- Increased activity and interest in the contract space.
- Improved traffic at recent trade shows, nearing pre-COVID levels.
- Easing negative trends in home sales.
- Direct correlation between luxury home sales and demand for home furnishings.
- Well positioned to benefit as activity accelerates.
Challenges Ahead
- Year-over-year revenue decrease of approximately 2.8% is expected for Q1 2025 based on the midpoint of the guidance.
- Overall economic uncertainty may impact demand.
- Potential for delays in project timelines.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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