MillerKnoll, Inc. MLKN shares are trading lower in Wednesday's after-hours session on the heels of the company's second-quarter earnings. Here's a look at the details.
What To Know: MillerKnoll reported quarterly earnings of 59 cents per share, which surpassed the analyst consensus estimate of 55 cents, a 28.26% increase over earnings of 46 cents per share from last year.
The company reported quarterly sales of $949.50 million, missing the analyst expectations of $973.82 million, an 11.01% decline over sales of $1.07 billion in the same period last year.
MillerKnoll improved its consolidated gross margin by 470 basis points compared to last year's quarter.
The company also generated $82.4 million in operating cash flow during the quarter.
Outlook: MillerKnoll expects third-quarter earnings of 40 cents and 48 cents per share versus the analyst consensus of 39 cents. It sees revenue between $890 million and $930 million, much lower than the $940.62 million estimate.
The company also expects full-year 2024 earnings per share between $2.00 and $2.16 per share versus the $1.97 estimate.
In its message to the shareholders, the company stated, "We remain confident in the strategic advantages of diversifying our business, pursuing international expansion, making technology investments to enhance the customer and dealer experience, streamlining processes and continuing to deliver innovative solutions."
Also Read: Streaming Mega Merger? Warner Bros, Paramount CEOs Met On A Potential Deal Tuesday - Axios
MLKN Price Action: Shares of MLKN were down 2.52% at $28.27 in the after-hours session at the time of publication, according to Benzinga Pro.
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