MillerKnoll Misses Q3 Revenue, Backlog Down; New Interim CEO Outlines Cost-Cutting Strategy
MLKN sits 20% above its 52-week low of $13.773.
Summary
MillerKnoll reported Q3 FY2026 revenue of $948 million, slightly missing analyst estimates, and a 10.8% year-over-year decline in backlog to $678.8 million. The company also provided 2027 adjusted EPS guidance of $2.00. This follows the June 3rd 8-K announcing COO Jeff Stutz as interim CEO. Stutz will focus on cost reductions, strengthening the balance sheet, and opening smaller, lower-capex stores. The revenue miss and declining backlog indicate ongoing operational challenges, and the new CEO's immediate strategic focus confirms a need for significant adjustments.
At the time of this announcement, MLKN was trading at $16.49 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $13.77 to $23.18. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.