Business
MillerKnoll, Inc. Reports Third Quarter Fiscal 2022 Results
ZEELAND, Mich., March 29, 2022 /PRNewswire/ -- Strong demand drove quarterly orders of $1.1 billion; an increase of 93.6% over the prior year, up 31.5%
About this update from Millerknoll, Inc.
[{"type":"text","content":"ZEELAND, Mich., March 29, 2022 /PRNewswire/ --\nStrong demand drove quarterly orders of $1.1 billion; an increase of 93.6% over the prior year, up 31.5% organicallySales and order growth across all segments was driven by leveraging a global infrastructure and collective of brandsIntegration of the Knoll acquisition, which closed July 19, 2021, continues to progress as planned; MillerKnoll remains confident in its ability to deliver $120 million of run rate cost synergies within three years of closingWebcast to be held Tuesday, March 29, 2022, at 5:30 PM ET\nThird Quarter Fiscal 2022 Financial Results \n(Unaudited)\n(Unaudited)\nThree Months Ended\nNine Months Ended\n(Dollars in millions, except per share data)\nFebruary 26, 2022\nFebruary 27, 2021\n% Chg.\nFebruary 26, 2022\nFebruary 27, 2021\n% Chg.\nNet Sales\n$ 1,029.5\n$ 590.5\n74.3 %\n$ 2,845.5\n$ 1,843.6\n54.3 %\nGross Margin %\n32.7 %\n39.1 %\nN/A\n33.9 %\n39.3 %\nN/A\nAdjusted Gross Margin %*\n32.9 %\n39.1 %\nN/A\n34.4 %\n39.4 %\nN/A\nOperating Expenses\n$ 310.3\n$ 175.8\n76.5 %\n$ 987.4\n$ 503.7\n96.0 %\nAdjusted Operating Expenses*\n$ 298.9\n$ 175.5\n70.3 %\n$ 828.4\n$ 502.2\n65.0 %\nOperating Earnings (Loss) %\n2.6 %\n9.3 %\nN/A\n(0.8) %\n12.0 %\nN/A\nAdjusted Operating Earnings %*\n4.0 %\n9.4 %\nN/A\n5.3 %\n12.2 %\nN/A\nNet Earnings (Loss) Attributable to MillerKnoll, Inc.\n$ 12.6\n$ 41.5\n(69.6) %\n$ (52.3)\n$ 165.7\n(131.6) %\nEarnings (Loss) Per Share – Diluted\n$ 0.16\n$ 0.70\n(77.1) %\n$ (0.72)\n$ 2.80\n(125.7) %\nAdjusted Earnings Per Share – Diluted*\n$ 0.28\n$ 0.65\n(56.9) %\n$ 1.28\n$ 2.78\n(54.0) %\nOrders\n$ 1,095.9\n$ 566.1\n93.6 %\n$ 3,170.2\n$ 1,751.9\n81.0 %\nBacklog\n$ 1,020.6\n$ 379.0\n169.3 %\n*Items indicated represent Non-GAAP measurements; see the reconciliations of Non-GAAP financial measures and related explanations below.\n \nTo our shareholders:\nMillerKnoll's (NASDAQ: MLKN) competitive advantage is our unique combination of strong global Contract and well-positioned Retail businesses. We leveraged that to drive growth in multiple regions and channels in the quarter.\nThe quarter saw many parts of the world shift their focus to emerging from the pandemic. Contract clients are activating their long-awaited return to office plans. As employers consider their spaces, we are seeing a push toward investing in the workplace to create premium spaces...