Shares of MillerKnoll rally on boost to profit forecast

Shares of MillerKnoll Inc. (MLKN) jumped 14.1% after hours on Tuesday after the furniture maker raised its full-year profit outlook, despite a pressured housing market and shaky economies in China and Europe. Executives raised their full fiscal 2024 adjusted earnings per share forecast to a range of $1.85 to $2.15, compared with expectations for between $1.70 and $2.00 a share stated in July. The forecast on Tuesday came as the company's fiscal first-quarter results beat expectations, helped by a return to offices following the pandemic and "significant profit improvement" in the Americas region. Miller Knoll reported first-quarter net income of $16.1 million, or 22 cents a share, compared with $27.4 million, or 34 cents a share, in the same quarter last year. Adjusted for amortization, integration and restructuring charges, MillerKnoll earned 37 cents a share. Revenue fell to $917.7 million from $1.08 billion in the prior-year quarter. Analysts polled by FactSet expected MillerKnoll to report adjusted earnings per share of 21 cents, on sales of $896 million.

-Bill Peters

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09-26-23 1643ET

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