MillerKnoll Shares Drop 9% Despite Earnings Beat And Strong Revenue Growth

MillerKnoll Inc. (NASDAQ: MLKN) posted better-than-expected fiscal first-quarter results but saw its shares decline more than 9% on Wednesday following the report.

The office furniture company reported revenue of $955.7 million, up 7.5% year-over-year and ahead of analyst forecasts of $910.97 million. Adjusted earnings per share were $0.45, exceeding expectations of $0.34.

Growth was supported across business segments, continuing momentum from the prior quarter's 8.2% sales increase. Management described the quarter as a notable improvement compared with last year.

For the second quarter, MillerKnoll guided revenue between $926 million and $966 million, versus the $960.7 million consensus. Adjusted EPS was forecast at $0.38 to $0.44, compared with the $0.41 analyst expectation.