1QFY24 Beats Estimates on Gross Margin; Hikes Guidance
After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly better-than-estimated sales. Our tabular analysis compares its 1QFY24 results with 1QFY23 and our 1QFY24 estimates. The beat notwithstanding, MillerKnoll’s results were below 1QFY23, which benefited from ~$77 million in sales due to a 14th week. MillerKnoll delivered $0.22 in GAAP EPS on $917.7 million in revenue, beating our $899 million estimate and $0.10 GAAP EPS estimate. A year ago, the company posted $1,078.8 in revenue and GAAP EPS of $0.34. After $0.15 in adjustments (amortization of Knoll purchased intangibles, restructuring expense, and integration expense), 1QFY24 non-GAAP (adjusted) EPS was $0.37 versus our $0.20 estimate (consensus of $0.21) and $0.44 in 1QFY23. MillerKnoll reported gross margin of 39.0%, up 453 bps versus last year and 188 bps above our estimate. The beat boosted adjusted EPS results by $0.18 compared with our forecast. The realization of price increases, somewhat moderating input costs, and ongoing integration benefits underlay the improved gross margin...Herman Miller researches, designs, manufactures, and distributes interior furnishings for use in various environments including office, healthcare, educational, and residential settings and provides related services. The company's segments include: North America Contract, which designs, manufactures, and sells furniture and textile products for work-related settings throughout the U.S. and Canada; International Contract, which designs, manufactures and sells furniture products in the Europe, Middle East and Africa, Latin America and Asia-Pacific geographic regions; and Retail, which sells furnishings and accessories to third party retail distributors and direct to consumer sales.
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