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Nov 27, 2021
MillerKnoll Q2 2022 Earnings Report
Reported strong demand and made progress on the Knoll acquisition integration.
Key Takeaways
MillerKnoll reported second quarter consolidated net sales of $1.0 billion, a 63.9% increase on a reported basis and 11.1% organically compared to the prior year. Orders were up 83.9% to $1.2 billion. Adjusted earnings per share were $0.51, compared to $0.89 in the prior year.
Quarterly orders increased by 83.9% year-over-year, and 26.4% organically.
Growth was seen in every segment due to a diversified go-to-market strategy.
Integration of the Knoll acquisition is progressing as planned.
The company now expects $120 million of run rate cost synergies by the end of year three.
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 third quarter of fiscal year 2022 to range between $1,010 million and $1,050 million and earnings per share to be between $0.24 and $0.30.
Positive Outlook
- Revenue increase of 74% compared to the same quarter last fiscal year on a reported basis.
- Revenue increase of 18% on an organic basis, excluding the impact of the Knoll acquisition.
Challenges Ahead
- Near-term impacts of supply chain disruptions.
- Inflationary pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income