MillerKnoll (NASDAQ:MLKN) shares soared 20% higher in premarket deals after the furniture maker’s first-quarter results improved on analyst expectations.
At $16.7 million, first-quarter net income was down on last year’s total of $25.8 million, or 34 cents per share, but after one-off adjustments, the performance beat expectations.
Adjusted earnings were reported at 37 cents per share, which was significantly better than the 21 cents penciled in by Wall Street analysts.
Revenue for the quarter amounted to $917.7 million, down 15% on last year’s tally of $1.08 billion.
Looking ahead, MillerKnoll gave investors an optimistic outlook for the next quarter, expecting earnings per share to range between $0.52 and $0.58, with projected revenues between $950 million to $990 million.
In New York, MillerKnoll stock was up $3.84 or 20.06%, changing hands at $22.99.
“Our teams around the world delivered great results for the first quarter of the new fiscal year,” MillerKnoll said in a statement.
“We exceeded our July earnings guidance for the quarter through a combination of strong sales, on the high end of our guidance, and gross margin expansion in each of our business segments.
“We are off to a very good start to our new fiscal year and are encouraged by the momentum from our ongoing integration efforts and the broader implementation of the MillerKnoll strategic vision.”
The company added: “While the specter of economic recession in North America appears to be fading, the housing market remains under pressure.
“Additionally, we are facing difficult macroeconomic conditions in both China and Europe.”