MillerKnoll (NASDAQ:MLKN) tanked in pre-market trading after the company issued a weaker-than-expected FY24 forecast. The company, which manufactures office furniture, expects adjusted diluted earnings between $1.90 and $1.98 per share below its prior projections of adjusted earnings in the range of $2 to $2.16 per share. MillerKnoll cited a “tepid” near-term macro environment as a reason for the lowered outlook.
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The company has projected Q4 net sales in the range of $880 million to $920 million. Adjusted diluted earnings are likely to be between $0.49 and $0.57 per share in the fourth quarter.
In the Fiscal third quarter, the company’s net sales declined by 11.3% to $872.3 million while adjusted earnings fell by 16.7% year-over-year to $0.45 per share.
Is MillerKnoll a Good Stock to Buy?
Only one analyst has covered MLKN stock over the past three months and has a Hold rating. Over the past year, MLKN stock has gained by more than 50%.
