2QFY24 Earnings After Close
MillerKnoll reports 2QFY24 earnings after market close on Wednesday, December 20, and will host its management conference call at 5:00 pm ET. WTR is modeling EPS of $0.55, the midpoint of guidance, on revenue of $987 million. Consensus is $0.54, with an estimate range of $0.52-0.56. As has been the case for this sector over the past year, our focus will be on: Order trends. We are modeling orders in the Americas at +13.9% versus a poor year-ago quarter of -17.3%. In International, we estimate +12% versus -7.4% a year ago. In Retail, we are modeling +5% over -8% last year. Margins. We expect gross margin of about 40.2%, up about 580 bps versus the prior year and up 120 bps sequentially. In 1QFY24, the earnings beat was driven primarily by positive gross margin surprises in the Americas and Retail segments. There is room for further expansion, especially in Retail. MillerKnoll stock is up roughly 45% since its 1QFY24 report, ahead of peers and the indices. In the last six months, the stock has doubled off a June low. The stock slumped in early calendar 2023, which we associate with 1Q guidance below estimates. MillerKnoll subsequently beat that lower guidance handily (see Figure 1 on page 3). We will also be hosting MillerKnoll at WTR’s Virtual Furniture/Furnishings Conference on January 17, 2024. Registration link is accessible in our full report.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.
Water Tower Research is built on the foundation of democratizing information flow. We bridge the growing information gap between companies and investors through our investor engagement strategies and open-access research platform.
Our research analysts are Wall Street veterans with the experience and knowledge to work with companies and investors in tandem. We provide access to the information and content that anchors the due diligence process for both professional money managers and individual investors. We leverage traditional research distribution channels and the best of modern digital strategies and tactics to amplify this information flow globally to engage all categories of investors and stakeholders.
Information flow is the foundation for creating investor awareness, knowledge, and engagement. Our mission is to help companies and investors have the tools they need and achieve their goals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.