4Q23 Results Top Expectations; Management Guides Q1 EPS Lower; Sales Trends Tick Up
After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39. Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00. Guidance always merits significant investor attention. Management guided historically only to the current quarter. For 1Q24, it sees non-GAAP EPS of $0.18 to $0.24, below our $0.30 estimate. It pegged 1Q24 revenues of $880MM to $920MM, bracketing our $901MM estimate. 1Q23 included a 14th week, adding ~$77MM to 1Q23 revenues. The 1Q24 EPS guidance variance to our estimate reflects higher operating expenses, largely due to accruing for incentive compensation, starting in 1Q24. We missed including that in our current estimate...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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