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2019-09-19 16:40:45

Herman Miller (MLHR +4.3%) reported Q1 sales growth of 7% Y/Y to $670.1M, and New orders of $676.7M (+ 6.9% Y/Y).

Company says strong sales and order growth for the quarter were led by North America and Retail businesses.

Q2 Gross margin expanded by 70 bps to 36.7%; and Operating margin expanded by 160 bps to 9%.

Adj. operating margin expanded by 90 bps to 9.3%.

Total backlog was at $399.9M (+12.7% Y/Y) as of August 31, 2019.

Company has cash and cash equivalents of $159.5M; and Cash flow generated from operations was $52.8M, compared to $32.9M a year ago.

2Q20 Guidance: Net sales $685M to $705M; and EPS $0.85 to $0.89.

Previously: Herman Miller EPS beats by $0.06, beats on revenue (Sept. 18)

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