06:45 AM EDT, 03/28/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

MillerKnoll's ( MLKN ) shares at the time of writing in premarket Thursday sank almost 16% following the company's fiscal Q3 results as sales slowed more than the forecast and guidance for the next quarter missed market expectations.

The company reported fiscal Q3 adjusted earnings late Wednesday of $0.45 per diluted share, down from $0.54 a year ago.

Analysts polled by Capital IQ expected $0.44.

Sales for the quarter ended March 2 were $872.3 million, down from $984.7 million a year earlier.

Analysts surveyed by Capital IQ expected $909.5 million.

The company said it expects fiscal Q4 adjusted EPS of $0.49 to $0.57. Analysts surveyed by Capital IQ expect $0.68.

MillerKnoll ( MLKN ) expects Q4 sales to be between $880 million and $920 million. Analysts expect $961.4 million.

Price: 25.81, Change: -4.72, Percent Change: -15.46