U.S. Movers: MillerKnoll, RH, Sprinklr, Verint Systems

Scott Peters
28 Mar, 2024
New York City

MillerKnoll plunged 17.3% to $25.31 after the steel furniture company reported weaker-than-expected revenue in its latest quarter. 

Net sales in the fiscal third quarter ending on March 2 declined 11.4% to $872.3 million from $984.7 million, net income rose to $23.1 million from $1.1 million, and diluted earnings per share advanced to 30 cents from 1 cent a year ago. 

The company offered a lukewarm revenue and earnings outlook in the current quarter, citing a "near-term tepid macroeconomic backdrop." 

The company guided net sales in the fiscal fourth quarter to fall between $880 million and $920 million and diluted earnings per share to 49 cents and 57 cents, an increase of 29% from a year ago based on the midpoint of the earnings range. 

The furniture maker also estimated full-year earnings to range between $1.90 and $19.98. 

RH rose 9.4% to $325.0 after the furniture retailer reported weaker-than-expected quarterly financial results, and the company guided sales to decline by a low single digit in the current quarter. 

However, stock advanced after the retailer estimated an improving demand trend for the remainder of the year. 

Net revenue in the fiscal fourth quarter ending on February 3 declined to $738.2 million from $772.5 million, net income declined to $11.4 million from $106.9 million, and diluted earnings per share fell to 57 cents from $4.21 a year ago. 

"Due to the extensive transformation of our assortment, we do expect revenue to lag demand during the year by approximately 4 to 8 points until we read and react to the new collections, reduce backorders, and shorten special order lead times," the company added in the letter to shareholders. 

Full-year revenue declined to $3.02 billion from $3.6 billion, net income plunged to $127.5 million from $528.6 million, and diluted earnings per share dropped to $5.91 from $19.91 a year ago. 

Verint Systems rose 3.1% to $32.06 after the customer engagement software system developer reported better-than-expected quarterly results. 

Revenue in the fiscal fourth quarter increased 12% to $265.1 million from $236.2 million, net income increased to $28.9 million from $13.1 million, and diluted earnings per share advanced to 37 cents from 12 cents a year ago. 

The company guided fiscal 2025 revenue to be around $930 million, an increase of 5% from a year ago after adjusting for managed service unit divestiture. 

Diluted earnings per share are expected to increase by 6% to $2.89. 

Sprinklr increased 12.4% to $14.59 after the social media marketing and content management software developer reported better-than-expected quarterly results. 

Revenue increased 17.2% to $194.2 million from $165.3 million, net income was $21.1 million compared to a loss of $0.7 million, and diluted earnings per share were 8 cents compared to zero a year ago. 

For the fiscal year 2024 ending in January, revenue increased to $732.2 million from $618.2 million, net income rose to $51.4 million from a loss of $55.7 million, and diluted earnings per share were 19 cents compared to a loss of 21 cents a year ago. 

For the fiscal first quarter, the company estimated total revenue between $194 million and $195 million and non-GAAP operating earnings between $19.5 million and $20.5 million. 

For the fiscal year 2025, the company estimated total revenue between $740 million and $741.5 million and non-GAAP operating income between $104 million and $105 million.