MillerKnoll reports Q1 adjusted EPS 36c, consensus 40c

Reports Q1 revenue $861.5M, consensus $889.3M. Management commented, “MillerKnoll finished Q1 with momentum and order growth. Demand is improving and our Contract business is seeing the return of larger projects in the Americas and Asia. Customers are also requesting shipment dates on new orders further into the future, on average, compared to previous years. As a result, our teams around the globe continue to control what they can by managing operating expenses to align with sales levels while advancing initiatives aimed at positioning the business for further growth as demand trends accelerate. While demand trends in our Retail segment continue to reflect the impact of a tepid housing market, the investments we have made in platform operational capabilities are not only driving significant margin improvements, but also position us to support profitable growth plans as the macro-economic backdrop improves. We believe our first quarter financial results demonstrate the advantage of our collective of brands, diverse business channels and global footprint”.