MillerKnoll reports Q2 adjusted EPS 55c, consensus 53c

Reports Q2 revenue $ 970.4M, consensus $959.7M. Management commented, “We are pleased with our Q2 performance, which was in-line with our expectations and demonstrates the advantage of our collective of brands, diverse business channels and global footprint. Although most of our market segments continue to experience broad-based macroeconomic pressures, we are encouraged by signs of growth in several of our businesses…On a comparative basis, orders and sales in Q2 were impacted by a timing shift in the holiday/cyber promotional period for our retail business, with the full promotional period falling in Q2 in the prior year and across Q2 and Q3 this year. From this shift in timing, approximately $12M in net sales will fall in our Q3…We are also pleased with our team’s ability to maintain the gross margin expansion we delivered in FY24 while strategically managing operating expenses and positioning our business segments for profitable growth. We are proud of our cash flow generation and ability to return capital to our shareholders while investing in profitable growth and maintaining a strong balance sheet. Through the first six months of the fiscal year, we have returned approximately $93.1M to our shareholders through dividends and share repurchases.”