NASDAQ$MLKN
Millerknoll Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported a 4% sales increase and captured $101 million in run-rate cost synergies.
MillerKnoll reported a 4% increase in net sales to $1.07 billion and demonstrated operating margin expansion in the Americas Contract and International Contract & Specialty segments. The company has captured $101 million of run-rate cost synergies to date and increased the targeted run-rate cost synergies from $120 million to $140 million within three years of the Knoll acquisition.
- Sales growth of 4% over the prior year, up 8% organically.
- Year-over-year operating margin expansion in the Americas Contract and International Contract & Specialty segments.
- $101 million of run-rate cost synergies captured to date.
- Increased targeted run-rate cost synergies from $120 million to $140 million within three years of the Knoll acquisition.
Headline financials
Revenue & EPS history
MillerKnoll · Revenue · Quarterly
$1.07B
Revenue by segment
MillerKnoll · $357M total across 2 segments · Q4 2022
- Global Retail$222M—62.0%
- International Contract$136M-25.2%38.0%
Forward guidance
Net sales in the third quarter of fiscal year 2023 are expected to range between $980 million to $1,020 million. Adjusted earnings per share are anticipated to be between $0.40 to $0.46 for the quarter.
Tailwinds
- Realize annualized expense reductions of approximately $30 million to $35 million.
- Savings will begin to be realized during the third quarter and be more fully realized in the fourth quarter.
- Gross Margin % 35.2% to 36.2%
- Company Guidance Q3 FY2023 Net Sales $980 million to $1,020 million
- Effective Tax Rate 22% - 24%
Headwinds
- Mid-point of revenue guidance implies a revenue decrease of 2.9% compared to the same quarter last fiscal year on a reported basis and a decrease of 0.7% on an organic basis.
- Adjusted earnings per share are anticipated to be between $0.40 to $0.46 for the quarter.
- Operating Expenses $288 million to $298 million
- Interest and Other Expense, Net $18.6 million to $19.6 million
- Retail segment felt the impact of a slowdown in the housing market.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
+0.6%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+2.4%
Avg return
30 days after
45%
26 / 58 earnings
Positive
+38.9%
Q1 2021
Best reaction
-23.0%
Q3 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | -23.0% | -8.8% | — | |
| Q2 2026 | +7.7% | +3.0% | +10.1% | |
| Q1 2026 | -11.0% | -6.3% | -8.3% | |
| Q4 2025 | -0.3% | -2.1% | +7.7% | |
| Q3 2025 | +10.7% | +4.7% | -10.4% | |
| Q2 2025 | -9.1% | -12.7% | -13.6% | |
| Q1 2025 | -15.1% | -10.9% | -8.8% | |
| Q4 2024 | +3.0% | +3.2% | +16.4% | |
| Q3 2024 | -17.4% | -12.8% | -14.2% | |
| Q2 2024 | -2.9% | -3.3% | -12.1% | |
| Q1 2024 | +24.1% | +23.8% | +16.4% | |
| Q4 2023 | +9.8% | +6.1% | +26.2% | |
| Q3 2023 | -5.2% | -2.0% | -16.7% | |
| Q2 2023 | +14.8% | +16.4% | +24.1% | |
| Q1 2023 | -11.3% | -11.2% | +8.9% | |
| Q4 2022 | -7.5% | -7.0% | +6.0% | |
| Q3 2022 | +10.7% | +9.8% | +5.2% | |
| Q2 2022 | -5.3% | -10.3% | -6.2% | |
| Q1 2022 | -4.4% | -1.1% | -1.2% | |
| Q4 2021 | -7.6% | -3.5% | -11.3% | |
| Q3 2021 | -0.2% | -0.6% | +6.5% | |
| Q2 2021 | -12.7% | -16.1% | -11.6% | |
| Q1 2021 | +38.9% | +27.7% | +33.8% | |
| Q4 2020 | -4.8% | -10.0% | -4.3% | |
| Q3 2020 | +5.2% | +16.6% | +21.7% | |
| Q2 2020 | -9.5% | -10.1% | -13.3% | |
| Q1 2020 | +1.3% | +3.2% | +2.7% | |
| Q4 2019 | +18.8% | +18.5% | +23.1% | |
| Q3 2019 | -0.4% | -3.5% | +5.3% | |
| Q2 2019 | -0.9% | -5.1% | +12.1% | |
| Q1 2019 | +7.4% | +3.9% | -9.7% | |
| Q4 2018 | +12.4% | +13.0% | +11.9% | |
| Q3 2018 | -14.1% | -17.5% | -14.9% | |
| Q2 2018 | +7.2% | +5.7% | +13.0% | |
| Q1 2018 | -3.3% | -2.1% | +2.3% | |
| Q4 2017 | +9.3% | +10.0% | +10.6% | |
| Q3 2017 | +8.0% | +6.3% | +9.4% | |
| Q2 2017 | -4.2% | -5.4% | -13.5% | |
| Q1 2017 | -4.8% | -9.2% | -12.5% | |
| Q4 2016 | +3.2% | -10.7% | +3.3% | |
| Q3 2016 | +8.3% | — | — | |
| Q2 2016 | +1.9% | — | — | |
| Q1 2016 | +3.6% | — | — | |
| Q4 2015 | +1.8% | — | — | |
| Q3 2015 | +0.7% | — | — | |
| Q2 2015 | -0.5% | — | — | |
| Q1 2015 | +2.5% | — | — | |
| Q4 2014 | -5.0% | — | — | |
| Q3 2014 | +9.4% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2014 | +3.8% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q4 2012 | +9.1% | — | — | |
| Q4 2009 | -6.1% | — | — | |
| Q3 2011 | -1.4% | — | — | |
| Q2 2011 | -3.4% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q1 2011 | -0.7% | — | — |
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