MillerKnoll drops on weaker-than-expected Q1 forecasts

MillerKnoll

12/07/2023 22:50

** Shares of MillerKnoll  MLKN.O  down 4% at $15.8 after
market
    ** The office supplies maker forecasts Q1 sales between $880
mln and $920 mln, lower than analysts' avg. estimate of $927.3
mln - Refinitiv data
    ** Company expects adj. earnings per share between 18 and 24
cents in the qtr, compared with estimates of 40 cents
    ** Says new orders in Q4 declined by 9% from last year and
consolidated backlog fell 25% at the start of fiscal 2024
    ** "We remain cautious on our near-term outlook due to
broader macroeconomic concerns" - MLKN
    ** Stock down about 22% YTD, as of Wednesday's close
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))