2QFY24 Results Deliver Strong Margins; Orders Challenged
After market close on December 20, MillerKnoll reported 2QFY24 adjusted EPS of $0.59, ahead of our estimate of $0.55 and the consensus mean of $0.54. Margins were better than expected, while revenue of $949.5 million came in at the low end of guidance. Sales in the Americas segment disappointed relative to our expectations. Orders in the Americas fell 7.7% versus last year (-10.1% organically) and were sequentially lower. Management reported that the order trend turned positive in November. The International and Retail segments provided positive surprises. The International segment was ahead of our expectations in both revenue and margin. Retail beat our estimate on the margin lines and was slightly low on revenue. We present a full summary of the results in the tables below. MillerKnoll raised the low end of full-year guidance to $2.00 from $1.85. The midpoint is now $2.08 versus $2.00. Consolidated organic orders were up 4% in the first two weeks of 3Q. We will have revised estimates later today.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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