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MillerKnoll Inc. (MLKN-2.79%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports net sales of $970.4 million for the quarter, a 2.2% increase from the previous year. The increase is attributed to higher sales volumes in the Americas Contract and International Contract & Specialty segments.
Gross margin for the quarter was 38.8%, down from 39.2% in the same quarter of the previous year, primarily due to unfavorable product mix.
Operating expenses increased by 0.9% to $314.5 million, driven by higher marketing spend and compensation costs.
Net income attributable to MillerKnoll was $34.1 million, with diluted earnings per share of $0.49, compared to $0.45 in the previous year.
Cash provided by operating activities was $76.4 million, while cash used in investing and financing activities was $44.8 million and $33.9 million, respectively.
The filing also discusses the termination of a defined-benefit pension plan held by the Knoll subsidiary, resulting in a gain of $1.5 million.
MillerKnoll's liquidity remains strong with $470.4 million in total liquidity, including $249.3 million available under its revolving credit line.
The company continues to focus on integrating Knoll operations and achieving cost synergies, with $144.4 million in pre-tax integration expenses recorded to date.
MillerKnoll does not anticipate material changes in its legal proceedings or risk factors as reported in its previous annual filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MillerKnoll Inc. quarterly 10-Q report dated January 6, 2025. To report an error, please email earnings@qz.com.