<p>MillerKnoll, Inc. ((MLKN)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>MillerKnoll 最新的财报电话会议传达了谨慎乐观的语气，管理层在稳健的增长和利润率提升与明显的短期逆风之间取得了平衡。领导者强调了强劲的订单、扩大的毛利率和强大的现金生成，同时公开指出了天气干扰、地区疲软以及中东动荡和物流成本上升带来的财务压力。</p>
<h2>收入和订单持续增长</h2>
<p>MillerKnoll 报告的合并净销售额为 9.27 亿美元，同比增长 5.8%，有机增长为 3.8%。订单更为强劲，达 9.32 亿美元，总体增长 9.2%，有机增长 7.2%，将合并未完成订单提升至 7.12 亿美元，增长 3.7%。</p>
<h2>毛利率提升显示定价能力</h2>
<p>公司的合并毛利率上升 20 个基点至 38.1%，突显出改善的产品组合和执行力。管理层将北美合同业务视为主要驱动因素，表明价格纪律和效率正在缓解成本和宏观压力。</p>
<h2>北美合同业务引领业绩</h2>
<p>北美合同业务的净销售额为 4.89 亿美元，报告增长 4.4%，有机增长 4.1%，订单增长 13.1%（报告）和 12.8%（有机）。调整后的营业利润率提高 70 个基点至 9.8%，得益于毛利率扩张和运营效率。</p>
<h2>零售销售在艰难环境中增长</h2>
<p>全球零售净销售额攀升 7.1% 至 2.81 亿美元，或有机增长 4.4%，可比销售增长 5.5%，北美可比销售增长 3.9%。该细分市场的订单增长 7.9%（报告）和 5.1%（有机），得益于本季度新增的三家门店以及本财年计划在美国开设 14-15 家新店。</p>
<h2>国际市场显示出选择性强劲</h2>
<p>国际合同的业绩喜忧参半，但管理层强调了印度、中国、日本、南欧、德国和英国的强劲势头。这些地区正在支持毛利率和在渗透率较低市场的增长，尽管其他地区仍然动荡不安。</p>
<h2>现金生成支持去杠杆化</h2>
<p>公司产生了 6100 万美元的经营现金流，使得本季度减少了 4100 万美元的债务。净债务与 EBITDA 的比率现在为 2.75 倍，逐步接近 2.0-2.5 倍的目标，MillerKnoll 在期末时拥有 5.94 亿美元的总流动性。</p>
<h2>资本配置保持对股东友好</h2>
<p>董事会宣布每股季度股息为 0.1875 美元，意味着每年 0.75 美元，按最近的股价计算，收益率约为 3.9%。管理层重申其在增长投资、进一步去杠杆化和通过股息向股东返还现金之间保持平衡的重点。</p>
<h2>运营卓越作为结构性优势</h2>
<p>管理层强调了 MillerKnoll 绩效系统在制造业成立 30 周年，将其视为核心竞争优势。该系统支撑着全球范围内高效、高质量的生产，支持毛利率和服务水平。</p>
<h2>尽管增长，盈利略有下滑</h2>
<p>调整后的每股收益从一年前的 0.44 美元下降至 0.43 美元，下降约 2.3%。温和的每股收益压力反映了更高的成本、投资和地区逆风，尽管收入、订单和毛利率朝着正确的方向发展。</p>
<h2>零售毛利因促销和成本受到挤压</h2>
<p>全球零售的调整后营业利润率降至 2.8%，同比下降 340 个基点，扭转了收入增长的势头。管理层提到去年同期的运输收益、激进的促销（包括免费送货以应对疲软的客流）以及新店开业带来的更高费用。</p>
<h2>国际合同面临毛利和订单压力</h2>
<p>国际合同的调整后营业利润率下降 110 个基点至 8.2%，报告毛利为 7.7%。有机订单下降 4.3%，主要受拉丁美洲和中东需求疲软的影响，突显出核心增长区域以外的不均衡状况。</p>
<h2>严重天气影响零售和工厂</h2>
<p>北美异常严酷的天气影响了门店客流，导致多家门店关闭，并干扰了几家工厂的运营。管理层估计，天气因素造成了本季度收入未达先前指引的近一半，将外部冲击转化为实质性拖累。</p>
<h2>中东冲突和物流成本影响第四季度</h2>
<p>公司预计在第四季度仅能发运一小部分与中东相关的订单，约有 1200 万美元的订单被推迟。管理层预计第四季度的直接影响在 800 万至 900 万美元之间，或每股约 0.09 至 0.10 美元，并且还在为与高油价和柴油价格相关的物流成本上升做好准备。</p>
<h2>扩张带来的更高运营费用</h2>
<p>第四季度的预期包括与去年相比新增 350 万至 450 万美元的运营费用，涉及新店和全球项目。调整后的运营费用预计在 3.115 亿至 3.215 亿美元之间，反映了薪酬增加、可变销售成本、门店投资和外汇影响。</p>
<h2>指引在增长与地缘政治风险之间保持平衡</h2>
<p>对于财年第四季度，MillerKnoll 指导净销售额为 9.55 亿至 9.95 亿美元，中间值暗示同比增长 1.4%，毛利率为 37.5%-38.5%。调整后的每股收益预计在 0.49 至 0.55 美元之间，范围明确考虑了中东的干扰、更高的物流成本以及因门店扩张和全球项目带来的额外运营费用。</p>
<p>MillerKnoll 的财报电话会议描绘了一家需求稳健、利润率更高、资产负债表状况改善的企业，但在一个更加复杂的宏观和地缘政治背景下运营。管理层详细阐述了面临的挑战，同时进行持续投资和严格的资本配置，这表明公司在谨慎管理股东风险的同时，正小心翼翼地向增长倾斜。</p>

MLKN

<p>MillerKnoll, Inc. 在第三季度的财报电话会议中报告了谨慎乐观的业绩，净销售额同比增长 5.8%，达到 9.27 亿美元，订单增长 9.2%。尽管实现了增长，但天气干扰和地缘政治紧张局势等挑战影响了业绩。公司产生了 6100 万美元的经营现金流，减少了债务，并维持每股 0.1875 美元的季度分红。调整后的每股收益略微下降至 0.43 美元，反映出成本上升和地区性阻力。对于第四季度，净销售额预计在 9.55 亿至 9.95 亿美元之间，平衡增长与地缘政治风险</p>

<p>MillerKnoll, Inc. ((MLKN)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>MillerKnoll, Inc. ((MLKN)) 已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>MillerKnoll’s latest earnings call struck a cautiously optimistic tone as management balanced solid growth and margin gains against clearly defined short‑term headwinds. Leaders highlighted robust orders, expanding gross margins, and strong cash generation, while openly flagging weather disruptions, regional softness, and the financial drag from Middle East turmoil and rising logistics costs.</p>
<div class="lb-trans"><p>MillerKnoll 最新的财报电话会议传达了谨慎乐观的语气，管理层在稳健的增长和利润率提升与明显的短期逆风之间取得了平衡。领导者强调了强劲的订单、扩大的毛利率和强大的现金生成，同时公开指出了天气干扰、地区疲软以及中东动荡和物流成本上升带来的财务压力。</p>
</div><h2>Revenue and Orders Push Higher</h2>
<div class="lb-trans"><h2>收入和订单持续增长</h2>
</div><p>MillerKnoll posted consolidated net sales of $927 million, up 5.8% year over year, with organic growth of 3.8%. Orders were even stronger at $932 million, rising 9.2% overall and 7.2% organically, lifting the consolidated backlog to $712 million, a 3.7% increase.</p>
<div class="lb-trans"><p>MillerKnoll 报告的合并净销售额为 9.27 亿美元，同比增长 5.8%，有机增长为 3.8%。订单更为强劲，达 9.32 亿美元，总体增长 9.2%，有机增长 7.2%，将合并未完成订单提升至 7.12 亿美元，增长 3.7%。</p>
</div><h2>Gross Margin Gains Signal Pricing Power</h2>
<div class="lb-trans"><h2>毛利率提升显示定价能力</h2>
</div><p>The company’s consolidated gross margin edged up 20 basis points to 38.1%, underscoring improved mix and execution. Management credited the North America Contract business as the main driver, suggesting price discipline and efficiencies are cushioning cost and macro pressures.</p>
<div class="lb-trans"><p>公司的合并毛利率上升 20 个基点至 38.1%，突显出改善的产品组合和执行力。管理层将北美合同业务视为主要驱动因素，表明价格纪律和效率正在缓解成本和宏观压力。</p>
</div><h2>North America Contract Leads Performance</h2>
<div class="lb-trans"><h2>北美合同业务引领业绩</h2>
</div><p>North America Contract delivered net sales of $489 million, up 4.4% reported and 4.1% organically, with orders jumping 13.1% reported and 12.8% organic. Adjusted operating margin improved 70 basis points to 9.8%, powered by gross margin expansion and operating efficiency.</p>
<div class="lb-trans"><p>北美合同业务的净销售额为 4.89 亿美元，报告增长 4.4%，有机增长 4.1%，订单增长 13.1%（报告）和 12.8%（有机）。调整后的营业利润率提高 70 个基点至 9.8%，得益于毛利率扩张和运营效率。</p>
</div><h2>Retail Sales Grow Despite Tough Conditions</h2>
<div class="lb-trans"><h2>零售销售在艰难环境中增长</h2>
</div><p>Global Retail net sales climbed 7.1% to $281 million, or 4.4% organically, as comparable sales increased 5.5% and North America comps rose 3.9%. Orders in the segment advanced 7.9% reported and 5.1% organic, supported by three new stores in the quarter and plans for 14–15 U.S. openings this fiscal year.</p>
<div class="lb-trans"><p>全球零售净销售额攀升 7.1% 至 2.81 亿美元，或有机增长 4.4%，可比销售增长 5.5%，北美可比销售增长 3.9%。该细分市场的订单增长 7.9%（报告）和 5.1%（有机），得益于本季度新增的三家门店以及本财年计划在美国开设 14-15 家新店。</p>
</div><h2>International Markets Show Select Strength</h2>
<div class="lb-trans"><h2>国际市场显示出选择性强劲</h2>
</div><p>International Contract results were mixed, but management highlighted solid momentum in India, China, Japan, Southern Europe, Germany, and the U.K. These regions are helping support margins and growth in underpenetrated markets, even as other geographies remain volatile.</p>
<div class="lb-trans"><p>国际合同的业绩喜忧参半，但管理层强调了印度、中国、日本、南欧、德国和英国的强劲势头。这些地区正在支持毛利率和在渗透率较低市场的增长，尽管其他地区仍然动荡不安。</p>
</div><h2>Cash Generation Supports Deleveraging</h2>
<div class="lb-trans"><h2>现金生成支持去杠杆化</h2>
</div><p>The company generated $61 million in operating cash flow, enabling $41 million of debt reduction in the quarter. Net debt to EBITDA is now 2.75 times, moving closer to the 2.0–2.5 times target, and MillerKnoll ended the period with $594 million of total liquidity.</p>
<div class="lb-trans"><p>公司产生了 6100 万美元的经营现金流，使得本季度减少了 4100 万美元的债务。净债务与 EBITDA 的比率现在为 2.75 倍，逐步接近 2.0-2.5 倍的目标，MillerKnoll 在期末时拥有 5.94 亿美元的总流动性。</p>
</div><h2>Capital Allocation Remains Shareholder-Friendly</h2>
<div class="lb-trans"><h2>资本配置保持对股东友好</h2>
</div><p>The board declared a quarterly dividend of $0.1875 per share, implying $0.75 annually and a yield of about 3.9% at the recent share price. Management reiterated its focus on balancing growth investments, further deleveraging, and returning cash to shareholders through dividends.</p>
<div class="lb-trans"><p>董事会宣布每股季度股息为 0.1875 美元，意味着每年 0.75 美元，按最近的股价计算，收益率约为 3.9%。管理层重申其在增长投资、进一步去杠杆化和通过股息向股东返还现金之间保持平衡的重点。</p>
</div><h2>Operational Excellence as a Structural Edge</h2>
<div class="lb-trans"><h2>运营卓越作为结构性优势</h2>
</div><p>Management spotlighted the 30th anniversary of the MillerKnoll Performance System in manufacturing, positioning it as a core competitive advantage. The system underpins efficient, high‑quality production across the global footprint, supporting both margins and service levels.</p>
<div class="lb-trans"><p>管理层强调了 MillerKnoll 绩效系统在制造业成立 30 周年，将其视为核心竞争优势。该系统支撑着全球范围内高效、高质量的生产，支持毛利率和服务水平。</p>
</div><h2>Earnings Dip Slightly Despite Growth</h2>
<div class="lb-trans"><h2>尽管增长，盈利略有下滑</h2>
</div><p>Adjusted earnings per share slipped to $0.43 from $0.44 a year earlier, a decline of about 2.3%. The modest EPS pressure reflects a mix of higher costs, investments, and regional headwinds, even as revenue, orders, and gross margin moved in the right direction.</p>
<div class="lb-trans"><p>调整后的每股收益从一年前的 0.44 美元下降至 0.43 美元，下降约 2.3%。温和的每股收益压力反映了更高的成本、投资和地区逆风，尽管收入、订单和毛利率朝着正确的方向发展。</p>
</div><h2>Retail Margins Squeezed by Promotions and Costs</h2>
<div class="lb-trans"><h2>零售毛利因促销和成本受到挤压</h2>
</div><p>Global Retail’s adjusted operating margin fell to 2.8%, down 340 basis points year over year, reversing top‑line momentum. Management cited a prior‑year freight benefit, aggressive promotions including free shipping to counter weak traffic, and higher expenses from new store openings.</p>
<div class="lb-trans"><p>全球零售的调整后营业利润率降至 2.8%，同比下降 340 个基点，扭转了收入增长的势头。管理层提到去年同期的运输收益、激进的促销（包括免费送货以应对疲软的客流）以及新店开业带来的更高费用。</p>
</div><h2>International Contract Faces Margin and Order Pressure</h2>
<div class="lb-trans"><h2>国际合同面临毛利和订单压力</h2>
</div><p>International Contract’s adjusted operating margin declined 110 basis points to 8.2%, with reported margin at 7.7%. Organic orders fell 4.3%, driven by softer demand in Latin America and the Middle East, underscoring uneven conditions outside the core growth regions.</p>
<div class="lb-trans"><p>国际合同的调整后营业利润率下降 110 个基点至 8.2%，报告毛利为 7.7%。有机订单下降 4.3%，主要受拉丁美洲和中东需求疲软的影响，突显出核心增长区域以外的不均衡状况。</p>
</div><h2>Severe Weather Weighs on Retail and Plants</h2>
<div class="lb-trans"><h2>严重天气影响零售和工厂</h2>
</div><p>Unusually harsh North American weather hurt store traffic, forced multiple store closures, and disrupted operations at several plants. Management estimated that weather accounted for nearly half of the quarter’s top‑line shortfall versus prior guidance, turning an external shock into a material drag.</p>
<div class="lb-trans"><p>北美异常严酷的天气影响了门店客流，导致多家门店关闭，并干扰了几家工厂的运营。管理层估计，天气因素造成了本季度收入未达先前指引的近一半，将外部冲击转化为实质性拖累。</p>
</div><h2>Middle East Conflict and Logistics Costs Hit Q4</h2>
<div class="lb-trans"><h2>中东冲突和物流成本影响第四季度</h2>
</div><p>The company expects to ship only a minimal portion of Middle East‑related orders in the fourth quarter, with roughly $12 million pushed out. Management pegs the direct Q4 impact at $8–$9 million, or about $0.09–$0.10 per share, and is also bracing for higher logistics costs tied to elevated oil and diesel prices.</p>
<div class="lb-trans"><p>公司预计在第四季度仅能发运一小部分与中东相关的订单，约有 1200 万美元的订单被推迟。管理层预计第四季度的直接影响在 800 万至 900 万美元之间，或每股约 0.09 至 0.10 美元，并且还在为与高油价和柴油价格相关的物流成本上升做好准备。</p>
</div><h2>Higher Operating Expenses from Expansion</h2>
<div class="lb-trans"><h2>扩张带来的更高运营费用</h2>
</div><p>Fourth‑quarter expectations include $3.5–$4.5 million of incremental operating expense versus last year for new stores and global initiatives. Adjusted operating expense is projected between $311.5 million and $321.5 million, reflecting increased compensation, variable selling costs, store investments, and foreign‑exchange effects.</p>
<div class="lb-trans"><p>第四季度的预期包括与去年相比新增 350 万至 450 万美元的运营费用，涉及新店和全球项目。调整后的运营费用预计在 3.115 亿至 3.215 亿美元之间，反映了薪酬增加、可变销售成本、门店投资和外汇影响。</p>
</div><h2>Guidance Balances Growth with Geopolitical Risk</h2>
<div class="lb-trans"><h2>指引在增长与地缘政治风险之间保持平衡</h2>
</div><p>For fiscal Q4, MillerKnoll guided net sales to $955–$995 million, with the midpoint implying 1.4% growth year on year, and gross margin of 37.5%–38.5%. Adjusted EPS is forecast between $0.49 and $0.55, with the range explicitly incorporating Middle East disruptions, higher logistics costs, and incremental operating expenses from store expansion and global initiatives.</p>
<div class="lb-trans"><p>对于财年第四季度，MillerKnoll 指导净销售额为 9.55 亿至 9.95 亿美元，中间值暗示同比增长 1.4%，毛利率为 37.5%-38.5%。调整后的每股收益预计在 0.49 至 0.55 美元之间，范围明确考虑了中东的干扰、更高的物流成本以及因门店扩张和全球项目带来的额外运营费用。</p>
</div><p>MillerKnoll’s earnings call portrayed a business with solid demand, better margins, and improving balance sheet strength, yet operating through a noisier macro and geopolitical backdrop. Management’s detailed framing of headwinds alongside ongoing investments and disciplined capital allocation suggests a company cautiously leaning into growth while managing risk for shareholders.</p>
<div class="lb-trans"><p>MillerKnoll 的财报电话会议描绘了一家需求稳健、利润率更高、资产负债表状况改善的企业，但在一个更加复杂的宏观和地缘政治背景下运营。管理层详细阐述了面临的挑战，同时进行持续投资和严格的资本配置，这表明公司在谨慎管理股东风险的同时，正小心翼翼地向增长倾斜。</p>
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MillerKnoll 第三季度财报电话会议：在逆风中实现增长