ZEELAND, Mich. - MillerKnoll Inc. (NASDAQ: MLKN ) reported better-than-expected fiscal second quarter results, sending shares up 2.75% in after-hours trading on Monday.
The furniture maker posted adjusted earnings of $0.55 per share for the quarter ended November 30, beating analyst estimates of $0.53. Revenue rose 2.2% YoY to $970.4 million, surpassing the consensus forecast of $959.6 million.
"We are pleased with our second quarter performance, which was in-line with our expectations and demonstrates the advantage of our collective of brands, diverse business channels and global footprint," said CEO Andi Owen.
The company's Americas Contract segment saw net sales increase 5.9% YoY to $504.2 million, while orders rose 4.4%. International Contract & Specialty revenue grew 2.1% to $246.3 million, though orders declined 6.5%. Global Retail sales fell 5.3% to $219.9 million.
Gross margin contracted slightly to 38.8% from 39.2% a year ago, primarily due to product mix.
For the fiscal third quarter, MillerKnoll expects adjusted EPS of $0.41-$0.47, below the $0.56 consensus. Revenue is projected at $903-943 million, straddling estimates of $927.2 million.
The company narrowed its full-year adjusted EPS outlook to $2.11-$2.17, compared to the $2.16 analyst forecast.
"We are encouraged with both internal and external indicators that collectively support an expectation of improving demand trends in most of our markets," Owen added.
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