...April 30, 2024 Despite persistent order declines pressuring MillerKnoll Inc.'s top line, its profits have improved. For the nine months ended March 2, 2024, MillerKnoll reported an S&P Global Ratings adjusted EBITDA margin of 13.3%, up about 230 basis points compared with the same period in the previous year. This was largely driven by pricing, an improving commodity cost environment, and synergies from the Knoll acquisition. The company implemented a new restructuring initiative in March 2024 that includes workforce reduction and showroom consolidation to match the current demand environment and is expected to drive operating cost savings. Its reported free operating cash flow (FOCF) increased to $217.4 million for the nine months ended March 2, 2024, up from $10 million for the same period in the previous year, because of higher profits and lower working capital. As a result, its S&P Global Ratings-adjusted debt to EBITDA decreased to 3.6x as of March 2024 from 3.8x as of March 2023....
