- MillerKnoll press release (NASDAQ:MLKN): Q4 Non-GAAP EPS of $0.67 beats by $0.13.
- Revenue of $888.9M (-7.1% Y/Y) misses by $9.77M.
- Orders in the fourth quarter were up 1.1% on a reported basis and up 2.9% organically from last year.
- Fourth quarter and full year gross margin improved 250 basis points and 410 basis points, respectively year-over-year.
- Achieved annualized run-rate cost synergy target of $160 million related to the integration of Knoll.
- Outlook: We believe these indicators signal an active year ahead. Accordingly, for fiscal year 2025 we expect net sales to be above fiscal year 2024 and adjusted diluted earnings per share to be in the range of $2.10 to $2.30.
- As it relates to the first quarter of fiscal year 2025, we expect net sales of $872.0 million to $912.0 million and adjusted diluted earnings to be between $0.38 to $0.44 per share. The midpoint of this guidance would suggest a year-over-year revenue decrease of approximately 2.8%.