Shares of MillerKnoll surged in post-market trading on Tuesday following the release of better-than-expected first quarter results. The furniture company also revised its outlook for the year, further fueling investor confidence.
Impressive Growth
MillerKnoll's stock price soared by 17%, reaching $22.43, after experiencing a 3% decline during the regular session, settling at $19.15. Despite a challenging year that saw a drop in shares by 8.9%, the company's performance in the first quarter exceeded expectations.
Positive Outlook
Although MillerKnoll faced a decrease in sales and profit during the fiscal first-quarter, these results surpassed Wall Street predictions and the company's own forecasts from July. As a result, MillerKnoll now anticipates adjusted earnings per share of $1.85 to $2.15 for fiscal 2024, reflecting an upward revision from the previous guidance of $1.70 to $2.
Optimistic CEO
Andi Owen, the Chief Executive of MillerKnoll, expressed optimism during the earnings call in light of recent announcements regarding companies returning to office policies. She also noted that several economic indicators are showing positive trends.
"We have strategically positioned ourselves to seize opportunities as market conditions improve," Owen commented.
In conclusion, MillerKnoll's impressive first quarter results and optimistic outlook indicate a strong potential for growth in the near future.
