Office furniture manufacturer MillerKnoll (NASDAQ: MLKN) will be reporting earnings tomorrow afternoon. Here’s what to look for.
MillerKnoll beat analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $970.4 million, up 2.2% year on year. It was a strong quarter for the company, with a decent beat of analysts’ EPS estimates.
Is MillerKnoll a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting MillerKnoll’s revenue to grow 5.3% year on year to $918.9 million, a reversal from the 11.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.44 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MillerKnoll has missed Wall Street’s revenue estimates five times over the last two years.
With MillerKnoll being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for business services & supplies stocks. However, the whole sector has been hit hard over the last month as stocks in MillerKnoll’s peer group are down 5.6% on average. MillerKnoll is down 15.5% during the same time and is heading into earnings with an average analyst price target of $31.50 (compared to the current share price of $18.90).
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