MillerKnoll (NASDAQ:MLKN) shares surged more than 8% intra-day today despite mixed fiscal third-quarter report and a weaker-than-expected outlook for both the fourth quarter and full year.
The company posted adjusted earnings per share of $0.44, in line with analyst forecasts. However, revenue came in at $876.2 million, falling short of the $918.88 million consensus, despite growing 0.4% year-over-year.
Looking ahead, MillerKnoll offered Q4 guidance below expectations, projecting earnings per share of $0.46 to $0.52 on revenue of $910 million to $950 million. Analysts had anticipated stronger figures. Full-year expectations were also trimmed, with the company now forecasting EPS of $1.81 to $1.87 and revenue between $3.618 billion and $3.658 billion, both underwhelming compared to market estimates.
The company saw mixed performance across its portfolio. While Global Retail orders jumped nearly 15% year-over-year, much of its contract business faced demand softness, largely due to broader economic uncertainty impacting office spending.