As noted earlier, MillerKnoll’s 3QFY24 EPS beat expectations but revenue missed widely. 4QFY24 guidance was also below pre-report estimates. With the misses, the stock gapped down by the mid-teens (~$5.00), closing at $24.76, thereby truncating and halting its recent rebound. Y/Y revenue comparisons were negative in all three segments: Americas Contract (AC) at -9% to $441 million, International Contract & Specialty (IC&S) at -10.4% to $217 million, and Global Retail (GR) at -17% to $214 million...
MillerKnoll reported 3QFY24 non-GAAP (adjusted) EPS of $0.45, beating our $0.43 estimate and consensus of $0.44. Consolidated sales were $872 million, missing our $908 million estimate by $36 million and likewise missing consensus by ~$37 million. Gross margin helped the Y/Y comparison, rising 455 bps versus 3QFY23. Operating expenses drove the EPS beat and were nearly 100 bps lower than our forecast. Expense control, including “targeted reductions in management workforce” and margin expansion d...
Following a strong margin performance in 2Q, we are raising our 3QFY24 EPS estimate to $0.43, just below the midpoint of guidance, from $0.38. The increase is the result of higher margin assumptions on a lower revenue forecast. We are also reviewing and lowering our revenue assumptions for the remainder of FY24 and FY25. Results showed new orders in the contract/commercial businesses below our prior assumptions, and we have reduced those expectations going forward. Results in the Retail segment...
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 ...
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 +1...
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....
MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00 pm ET. Our estimates are non-GAAP (adjusted) EPS of $0.20 on revenue of $889 million. Consensus is EPS of $0.21 on revenue of $896 million. Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18-0.24. Order trends and margins will be the primary focus. Our 1QFY24 estimate calls for a 37.1% gross margin versus 34.5% in 1QFY23,...
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
Herein we revise and update MLKN estimates following MillerKnoll's FY23 earnings report and FY24 guidance. Our 1QFY24 diluted non-GAAP EPS estimate is now $0.20, down $0.10 from our previous (reduced) $0.30 estimate. Our FY24 annual estimate is now $1.82 (down from $2.00), below the midpoint of the $1.70-$2.00 management outlook...
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 es...
We are issuing this preview note ahead of MillerKnoll’s 4QFY23 earnings release, scheduled for after market close on July 12. Reflecting on data from peers and industry intelligence, we are also adjusting and publishing our new estimates and our new economic model. Accordingly, our read of the environment suggests that incoming order trends in recent months missed our initial expectations. Conversely, deliveries likely accelerated as supply chain hitches and logistics issues abated...
n this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-tShort Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report...
The independent financial analyst theScreener just lowered the general evaluation of MILLERKNOLL (US), active in the Industrial Suppliers industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date January 11, 2022, the closi...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Rating Action: Moody's assigns a Ba1 Corporate Family Rating to Herman Miller; outlook is stable. Global Credit Research- 15 Jun 2021. New York, June 15, 2021-- Moody's Investors Service, assigned a Ba1 Corporate Family Rating and a Ba1-PD Probability of Default Rating to Herman Miller, Inc..
Summary Knoll, Inc. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Knoll, Inc. (Knoll or 'the company') is a designer, manufacturer and marketer of furniture, fine leathers, accessories, felt and textiles for the workplace and residential markets. The company off...
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