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Aug 28, 2021
MillerKnoll Q1 2022 Earnings Report
Experienced strong demand and completed the acquisition of Knoll, resulting in increased orders and net sales.
Key Takeaways
MillerKnoll reported strong first-quarter results, driven by robust demand and the acquisition of Knoll. Orders increased significantly, and net sales also saw a substantial rise, including contribution from Knoll. The integration of Knoll is progressing smoothly, and the company is confident in achieving cost synergy targets.
Completed the acquisition of Knoll, Inc., creating a leader in modern design.
Quarterly orders increased by 64.8% compared to the prior year, or 34.5% organically.
Net sales increased 26.0% from the prior year, including a partial quarter contribution from Knoll, or 0.4% organically.
Reaffirming expectation for $100 million run-rate cost synergies within two years of closing the Knoll acquisition.
MillerKnoll
MillerKnoll
MillerKnoll Revenue by Segment
Revenue by Segment
International Contract Revenue
CapyFin.comGlobal Retail Revenue
CapyFin.com Forward Guidance
The company expects sales in the second quarter of fiscal 2022 to range between $1,025 million and $1,065 million, with adjusted earnings per share to be between $0.55 and $0.61.
Positive Outlook
- Sales are expected to increase by 67% compared to the same quarter last fiscal year on a reported basis.
- Sales are expected to increase by 12% on an organic basis, excluding the impact of the Knoll acquisition and foreign currency translation.
- Gross Margin % 35.6% - 36.6%
- Effective Tax Rate 23% - 25%
- Earnings Per Share, Diluted $0.55 to $0.61
Challenges Ahead
- Forecast considers the near-term impacts of supply chain disruptions.
- Forecast considers the near-term impacts of inflationary pressures.
- Operating Expenses $305 million to $311 million
- Public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related company or government policies and actions
- The risk that the anticipated benefits of the merger with Knoll will not be realized on the anticipated timing or at all
Revenue & Expenses
Visualization of income flow from segment revenue to net income