Welcome to the MillerKnoll, Inc. Q4 2024 Earnings Call. During this call, we will discuss the company’s performance over the past quarter and provide insights into our financial results. We will also highlight key initiatives and strategic decisions that have influenced our results. Our executives will address both successes and challenges faced, offering a comprehensive overview of our business performance.
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In Q4 2024, MillerKnoll, Inc. recorded significant achievements. Our revenue increased by 10% compared to the same quarter last year, reaching $900 million. This growth was driven by a strong performance in both our North American and international markets. Sales were particularly robust in the office furniture segment, where we continue to see increased demand as companies adapt to new hybrid work models.
Our gross margin improved to 33%, up from 31% in Q4 2023. This enhancement in margin was largely due to continued operational efficiencies and disciplined cost management. Additionally, we implemented price adjustments in response to inflationary pressures, which also contributed positively to our margins.
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Net income for the quarter stood at $80 million, translating to earnings per share of $1.20. This represents a 15% increase from the previous year’s quarter, underscoring our strong financial health and effective strategic execution. Our balance sheet remains solid, with cash and cash equivalents of $250 million and a manageable debt level.
We continued to invest in innovation and development, allocating $40 million towards R&D initiatives. This investment is critical as we strive to introduce new products that meet evolving customer needs. Our recent launch of the sustainable product line has gained favorable customer feedback, aligning with the increasing demand for environmentally responsible solutions.
MillerKnoll has also made significant strides in advancing our digital transformation strategy. Our online sales experienced a 20% growth this quarter, marking a pivotal shift in customer purchasing behavior. The enhancements to our digital platforms and e-commerce capabilities have resulted in a more streamlined and engaging customer experience.
Customer satisfaction remains a top priority, and our net promoter score (NPS) improved to 75, reflecting the high level of trust and satisfaction our clients have in our products and services. We are committed to maintaining this positive trajectory by continuously refining our customer service protocols and ensuring consistent product quality.
Looking ahead, MillerKnoll is well-positioned to navigate the challenges and opportunities of the upcoming fiscal year. We anticipate continued growth driven by our strategic initiatives, including expanding our market presence, leveraging technological advancements, and deepening our commitment to sustainability.
Our team remains dedicated to executing our long-term vision of redefining modern workspaces and delivering cutting-edge solutions to our customers worldwide. By focusing on innovation, operational excellence, and customer-centric strategies, we are confident in our ability to sustain growth and create value for our shareholders.
In conclusion, Q4 2024 has been a landmark quarter for MillerKnoll, Inc. The results underscore our robust strategic framework and our ability to adapt to dynamic market conditions. We extend our gratitude to our employees, customers, and shareholders for their unwavering support.
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