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ZEELAND, Mich. - MillerKnoll Inc. (NASDAQ:MLKN) reported in-line earnings for its fiscal third quarter but issued weaker-than-expected guidance, sending shares down 3.9% in after-hours trading.
The office furniture maker posted adjusted earnings per share of $0.44, matching analyst estimates. Revenue came in at $876.2 million, up 0.4% YoY but below the $918.88 million consensus forecast.
MillerKnoll’s outlook fell short of expectations across the board. For Q4, the company projects EPS of $0.46-$0.52 on revenue of $910-950 million, both below analyst estimates. Full-year guidance was also lower than anticipated, with EPS forecast at $1.81-$1.87 and revenue between $3.618-3.658 billion.
The company saw mixed demand across segments. Global Retail orders surged nearly 15% YoY, but most contract businesses faced sluggish demand amid economic uncertainty.
"Our results in the third quarter reflect the advantage of our diversified business model, with strong performance in certain markets and channels mitigating softness in others," said CEO Andi Owen.
Gross margin declined 70 basis points YoY to 37.9% due to unfavorable mix and higher commodity costs. The company recorded $140.2 million in special charges, including goodwill impairments.
MillerKnoll ended the quarter with $468.2 million in liquidity and reduced long-term debt by $60.7 million. The stock’s decline reflects investor disappointment with the weaker-than-expected outlook.
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