Herman Miller, Inc. (MLHR) stock soared 2.22% in the after-hours trading session at the price of $41.01 after reporting its first-quarter fiscal 2022 financial results. MLHR is one of the leading and most famous modern design companies in the world. As a dynamic brands organization, the company is well known for its design, innovation, and social good.
MLHR First Quarter Fiscal 2022 Financial Results
On 29th September 2021, MLHR published its consolidated financial and operating results for the first quarter of fiscal 2022. For the three months ended on 28th August 2021, the company reported consolidated net sales of approximately $789.7 million. It represents a growth of 26.0% and an increase of 0.4% organically. In the first quarter of fiscal 2022, orders were $916.5 million, up 64.8% compared to the prior year’s same quarter and up 34.5% organically. For the first quarter ended 28th August 2021, the gross margin was 35.1% compared to 39.9% during the previous year’s same period.
MLHR reported an adjusted gross margin of 35.9% in the first quarter of fiscal 2022. The adjusted gross margin was 40.0% during the same quarter of the previous year. The consolidated operating expenses were $330.3 million for the quarter ended 28th August 2021. The reported operating expenses were $154.6 million in the same period the previous year. Consolidated adjusted operating expenses were $235.2 million, up 51.0% from last year. The increase resulted from the addition of $49.0 million of operating expenses related to Knoll.
For the three months ended 28th August 2021, the operating margin was (6.7) %, compared to 15.2% during the three months ended 28th August 2020. MLHR reported a net loss of $0.93 per share in the first quarter of fiscal 2022. Diluted earnings per share were $1.24 for the first quarter of fiscal 2021. Adjusted earnings were $0.49 per share during the first quarter ended 28th August 2021. For the first quarter ended 28th August 2021, adjusted earnings were $1.24 per share.
Second Quarter Fiscal 2022 Expectations
In the second quarter of fiscal 2022 guidance, MLHR anticipates sales range from $1,025 million to $1,065 million. The company expects an increase of 67% in revenue from the same quarter of last fiscal year. MLHR expects adjusted earnings per share to range between $0.55 and $0.61. The company has provided an outlook on a non-GAAP basis but cannot forecast some elements in reported GAAP results.
