Millerknoll Inc Down 15.92% To $25.67 After Earnings Beat

MillerKnoll Inc (MLKN) surpassed earnings projections on 3/27/2024 for Q3 2024.

Wall Street earnings per share (EPS) projections for Millerknoll Inc were at $0.44. The company beat those estimates with an EPS of $0.45. The earnings per share of $0.45 (which represents a -2% EPS surprise) led to the company's profits falling 17% compared to last year when the firm reported an EPS of $0.54. The decline in Millerknoll Inc's annual growth rate represents how the business isn't performing well amid current economic conditions.

Consensus estimates for Millerknoll Inc revenue averaged out to $909.5 million, with the business missing on those expectations with reported third-quarter revenue of $872.3 million. The $37.2 million (4%) negative revenue surprise led to negative 11% growth year-over-year as the firm reported revenue of $984.7 million in its year-ago quarter. The lower earnings growth compared to revenue points to Millerknoll Inc not being able to improve its profit margin.

The stock is down 15.92% to $25.67 after the report.

Millerknoll Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Millerknoll Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 84, putting Millerknoll Inc in the top 25% of stocks. The firm set a 52-week high on December 21, 2023 at $31.33 and set a 52-week low on June 1, 2023 at $13.2.

MillerKnoll Inc, formerly Herman Miller Inc researches, designs, manufactures, sells, and distributes interior furnishings across the globe. The company is predominately located in the United States with corporate offices, independent dealers, and licensees in North America, Asia Pacific, Europe, the Middle East, and Latin America. The company's products are sold through a variety of sources, including owned and independent contract furniture dealers, direct customer sales, owned and independent retailers, direct-mail catalogs, and the company's online stores. The independent retailer division generates the majority of the firm's overall sales.