Herman Miller Beats On Q4 Earnings; Provides Mixed Q1 Guidance

Furniture company Herman Miller Inc MLHR reported fourth-quarter FY21 sales of $621.5 million, up 30.6% year-on-year, beating the consensus estimate of $583.04 million.
The company received orders worth $689.4 million, up 28.8% Y/Y, with a backlog of $446.9 million.
The retail business posted a 106.1% increase in sales, and orders were up 81% Y/Y.
The gross margin was 36%, up 110 basis points.
Operating expenses amounted to $202.6 million, up 30% Y/Y.
The operating margin for the quarter was 1.5%, with a 19.2% operating margin in the retail segment.
Adjusted EPS of $0.56 (409% growth Y/Y) beat the consensus of $0.39.
Cash and equivalents totaled $396.4 million, and the company generated an operating cash flow of $72.2 million during the quarter.
Guidance: Herman sees Q1 FY22 sales of $640 million - $670 million, versus the consensus of $623 million.
It expects adjusted EPS of $0.52-$0.58, lower than the consensus of $0.62.
Price action: MLHR shares are trading lower by 3.44% at $46.30 premarket on the last check Tuesday.