Stock Track | MillerKnoll Plunges 18.39% in Pre-Market on Earnings Miss, Weak Guidance and Middle East Conflict Impact

Stock Track03-26

MillerKnoll's stock plummeted 18.39% in pre-market trading, extending losses from the previous session. The office-furniture company reported disappointing fiscal third-quarter results and issued a soft outlook for the current quarter.

The company posted adjusted earnings per share of $0.43 for Q3, missing the consensus estimate of $0.45. Revenue for the quarter came in at $926.6 million, also falling short of analyst expectations.

More significantly, MillerKnoll issued guidance for its fiscal fourth quarter that fell below Wall Street's forecasts. The company expects adjusted EPS in the range of $0.49 to $0.55 and revenue of $955 million to $995 million. The midpoints of both guidance ranges missed analyst expectations, who had been looking for $0.61 in adjusted EPS and $993.2 million in revenue.

The company attributed the softer outlook primarily to the ongoing conflict in the Middle East, which it expects will result in minimal shipments to the region and drive up logistics costs. MillerKnoll stated this would create an incremental operating expense headwind of approximately $8 million to $9 million, or 9 to 10 cents per share, for its fiscal fourth quarter.

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