Office furniture, equipment, and home furnishings company, MillerKnoll (NASDAQ: MLKN) surged in pre-market trading on Wednesday after the company raised its FY24 outlook. The company now expects FY24 adjusted earnings in the range of $1.85 to $2.15 per share, up from its prior guidance of $1.70 to $2.00.
In the Fiscal second quarter, the company anticipates net sales between $950 million to $990 million and adjusted diluted earnings to be between $0.52 to $0.58 per share.
MillerKnoll reported Q1 net sales of $917.7 million, a decline of 14.9% year-over-year but above consensus estimates of $895.9 million. The company’s adjusted earnings fell by 15.9% year-over-year to $0.37 per share in the Fiscal first quarter, beating Street estimates of $0.21 per share.
More importantly, its Americas Contract business segment saw new orders of $487.3 million, up by 2.1% on an organic basis. The company stated in its press release, “While month-to-month demand patterns in this segment of our business remain somewhat inconsistent, the general trend over the past three quarters has been positive, and we remain confident that improving macro-economic conditions will enhance growth opportunities in the near-term.”
How Many Shares Are Outstanding in MillerKnoll?
MLKN stock is down by 7% this year. As of September 2023, the company had outstanding shares of 70.7 million.
