MillerKnoll, Inc. (NASDAQ:MLKN) shares are trading lower on Wednesday. The company reported first-quarter financial results on Tuesday after the market closed.
What To Know: MillerKnoll reported adjusted earnings of 45 cents per share, beating the consensus estimate of 34 cents. Sales were $955.7 million, topping the $910.96 million estimate.
Net sales rose 8.2% year-over-year to $961.8 million, while orders increased 11.1% to $1.04 billion. Gross margin fell 40 basis points due to approximately $7 million in tariff-related costs, though higher sales provided some offset.
Operating expenses totaled $321.9 million, with adjusted operating expenses of $305 million, reflecting higher incentive compensation and selling costs. The company booked $16.9 million in special charges, primarily from restructuring and purchase accounting amortization.
Operating margin improved to 5.7% from 2.7% a year ago, while adjusted operating margin slipped to 7.5% from 8.3%.
Q2 Outlook: The company sees adjusted earnings per share from 38 cents to 44 cents, versus the consensus estimate of 41 cents. Furthermore, it sees sales from $926 million to $966 million, versus the consensus estimate of $960.66 million.
MLKN Price Action: MillerKnoll shares closed Wednesday down 10.83% at $16.96, according to data from Benzinga Pro.
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