MillerKnoll plunges as Middle East conflict to dent shipments, boost logistics costs

Office-furniture firm MillerKnoll MLKN.O shares plunge 21% premarket to $15.30, a 4-mth low, after warning Middle East conflict to weigh on current-qtr results

Michigan-based co late Weds said expects direct impact of about $8-$9 mln, or 9-10 cents/sh, in fiscal Q4 tied to Middle East conflict, stemming from minimal expected shipments to the region and higher logistics costs

Forecast also includes costs of $3.5-$4.5 mln associated with new store investments, including three to four new store openings in Q4, co said

Sees current qtr sales of $955-$995 mln and adj EPS of 49-55 cents

For Q3, co posted rev of $926.6 mln, up 6% y/y, driven by growth in North America contract and global retail sales

Adj EPS of 43 cents in qtr was a penny less than yr-ago period

Through Weds close, MLKN shares up ~6% YTD

1 analyst rates the stock "strong buy", 1 rates "hold", per LSEG data