Why MillerKnoll Stock Surged After Hours

MillerKnoll, Inc. MLKN shares are trading higher in Tuesday's after-hours session after the company reported first-quarter earnings. Here's a look at the details.

What To Know: MillerKnoll reported quarterly earnings of 37 cents per share which beat the analyst consensus estimate of 21 cents, a 15.91% decrease over earnings of 44 cents per share from the same period last year. The company reported quarterly sales of $917.70 million which beat the analyst consensus estimate of $899.60 million, a 14.95% decrease over sales of $1.08 billion the same period last year.

The company also reported that it generated $130.9 million of cash flow from operations in the first-quarter.

Second-quarter earnings per share are estimated to be in a range between 52 cents and 58 cents, versus the estimate of 51 cents. Revenue is anticipated to be between $950 million and $990 million, versus the $983.8 million estimate. Full-year 2024 earnings per share guidance was raised to between $1.85 and $2.15, versus the $1.83 estimate.

In a message to the shareholders, the company stated, "Our teams around the world delivered great results for the first quarter of the new fiscal year. We exceeded our July earnings guidance for the quarter through a combination of strong sales, on the high end of our guidance, and gross margin expansion in each of our business segments."

"We are off to a very good start to our new fiscal year and are encouraged by the momentum from our ongoing integration efforts and the broader implementation of the MillerKnoll strategic vision."

Related Link: Why Ionis Pharmaceuticals Stock Popped Today

MLKN Price Action: Shares of MLKN were up 15.6% at $22.14 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Pexels from Pixabay