Millerknell Reports Second Quarter FY2024 Earnings Results on December 20, 2023

🌥️Earnings Overview

On December 20 2023, MILLERKNOLL ($NASDAQ:MLKN) announced its financial results for the second quarter of FY2024, ending November 30 2023. Total revenue for the period came to USD 949.5 million, a decrease of 11.0% year-over-year, while net income rose 109.4% to USD 33.5 million.

Stock Price

On Wednesday, December 20, 2023, MILLERKNOLL reported its second quarter FY2024 earnings results. The stock opened at $28.7 and closed at $29.0, up by 0.2% from last closing price of $29.0. This is part of the company’s strategy to increase shareholder returns and enhance shareholder value. Overall, the second quarter FY2024 earnings results of Millerknell show that the company is continuing to perform well despite the challenging market conditions. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Millerknoll. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Millerknoll. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Millerknoll. More…

Key Ratios Snapshot

Some of the financial key ratios for Millerknoll are shown below. More…

Analysis

GoodWhale conducted an analysis of MILLERKNOLL‘s wellbeing. According to our Star Chart, MILLERKNOLL is classified as ‘rhino’, meaning it has achieved moderate revenue or earnings growth. As such, investors who are looking for a steady, reliable growth rate may be interested in such a company. We gave MILLERKNOLL an intermediate health score of 6/10 with regard to its cashflows and debt, meaning it might be able to pay off debt and fund future operations. However, it is weak in terms of assets, medium in dividend, growth, and profitability, which may limit investors’ confidence in the company. More…

Peers

Its competitors are Tempur Sealy International Inc, Whirlpool Corp, Electrolux AB.

– Tempur Sealy International Inc ($NYSE:TPX)

Tempur Sealy International Inc is a publicly traded company with a market capitalization of 4.98 billion as of 2022. The company has a return on equity of -358.87%. Tempur Sealy International Inc is engaged in the design, manufacture, and marketing of mattresses and bedding products. The company operates in two segments: North America and International. Tempur Sealy International Inc is headquartered in Lexington, Kentucky.

– Whirlpool Corp ($NYSE:WHR)

Whirlpool Corp is a leading manufacturer and marketer of major home appliances, with annual sales of over $21 billion. The company has a strong global presence, with over 93,000 employees and 70 manufacturing and technology research centers around the world. Whirlpool’s products include refrigerators, freezers, washers, dryers, dishwashers, and small appliances such as microwaves and vacuum cleaners. The company also provides home improvement products and services through its Whirlpool brand.

– Electrolux AB ($OTCPK:ELRXF)

Electrolux is a Swedish multinational home appliance manufacturer, headquartered in Stockholm. It is one of the world’s leading home appliance companies with products sold in more than 150 countries. The company has about 60,000 employees and reported sales of SEK 124 billion in 2020. The company’s products include refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, and other small electrical appliances.

Summary

MILLERKNOLL reported strong earnings results for the second quarter of FY2024, ending November 30 2023. Total revenue for the quarter decreased 11.0% year-over-year to USD 949.5 million, however net income increased significantly by 109.4% to USD 33.5 million. This is a positive sign for investors as it demonstrates that MILLERKNOLL is able to adapt and adjust to the current economic downturn, and is still able to produce positive results. In the future, investors should continue to monitor MILLERKNOLL’s performance to assess its progress in this uncertain environment.