MillerKnoll reports weaker-than-expected results for Q2

Shares of MillerKnoll Inc (NASDAQ: MLKN) fell 7.0% in after-hours trading after the furniture maker reported quarterly results that came in shy of Wall Street estimates.

Key takeaways from MillerKnoll’s Q3 report

MillerKnoll said it lost $3.4 million in its fiscal second-quarter that translates to 5 cents per share. In the same period last year, it had posted $0.3 million in loss. On an adjusted basis, the American company earned 51 cents per share.

The furniture company generated $1.03 billion in net sales versus the year-ago figure of $626.3 million. According to FactSet, experts had forecast 56 cents in EPS on $1.04 billion in net sales.

MillerKnoll took a $50 million hit to net sales in the recent quarter due to labour shortages and the global supply chain issues. It valued expenses related to acquisition and integration at $52.4 million.

Other notable figures include a 77% year-over-year increase in costs to $675.7 million. At $294.4 million, operating expenses came in 72% higher than last year.

CEO’s remarks and future outlook

The Michigan-based company changed its name from Herman Miller Inc to MillerKnoll Inc on November 1^st, after completing the acquisition of Knoll Inc in July. Quarterly orders were up 83.9%, thanks to strong demand from every segment. As per CEO Andi Owen:

For the current quarter, MillerKnoll forecasts up to 30 cents of EPS and an annualised growth of roughly 74% in revenue.