MillerKnoll, Inc. (NASDAQ:MLKN) shares are trading lower after the company reported its first-quarter financial results after Thursday's closing bell. Here's a look at the details from the report.
The Details: MillerKnoll reported quarterly earnings of 36 cents per share, which missed the analyst consensus estimate of 40 cents. Quarterly revenue of $861.50 million also missed the consensus estimate of $889.3 million and represents a 6.12% decrease from the same period last year.
- Orders in the first quarter were up 2.4% on a reported basis and up 3.5% organically from the prior year, led by Americas Contract growth of 5.2%.
- Ending backlog of $758 million increased 9.2% from last year and 10.9% from the start of fiscal 2025.
- Gross margin in the Global Retail segment improved by 160 basis points due to continued benefits from operational improvements.
"While demand trends in our Retail segment continue to reflect the impact of a tepid housing market, the investments we have made in platform operational capabilities are not only driving significant margin improvements, but also position us to support profitable growth plans as the macro-economic backdrop improves. We believe our first quarter financial results demonstrate the advantage of our collective of brands, diverse business channels and global footprint," the company wrote in a letter to shareholders.
Outlook: MillerKnoll sees second-quarter earnings of between 51 cents and 57 cents per share, versus the estimate of 61 cents, and second-quarter revenue in a range of $950 million to $990 million, versus the $948.12 million estimate.
BZ Wire
MLKN Price Action: According to Benzinga Pro, MillerKnoll shares are down 2.62% after-hours at $26.75 at the time of publication Thursday.
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