MillerKnoll, an American manufacturer of office and home furnishings, has released its financial results for the first quarter of fiscal year 2024.
Results
MillerKnoll's revenue decreased by 15% year-on-year. Organic sales declined 6.9%.
Gross margin increased to 39% from 34.5%, first quarter last year. Analysts had expected 37%.
Adjusted EBITDA was EUR 83.9 million. USD.
Outlook
The company forecasts second-quarter sales in the range of $950 million to $990 million. The company is expected to deliver gross margin of USD 1.9 billion to USD 1.5 billion with gross margin of 38.4% to 39.4% and adjusted earnings per share in the range of USD 0.52 to USD 0.58 per share. Analysts were expecting sales of $975.5 million. The company anticipated earnings of USD 775 million and adjusted earnings per share of USD 0.49 per share.
MillerKnoll shares
MillerKnoll shares are up 17.49% to $22.50 in pre-market trading.
The stock has rallied nicely, but today it is pulling back the gains it made in yesterday's session. The bounce is nice though and could easily be something bigger.