MLHR - Herman Miller plummets despite FQ4 estimates beat

Herman Miller ([[MLHR]] -6.4%) reports FQ4 revenue increase of 30.6% Y/Y to $621.5M and and up 27.9% organically.Orders in the quarter of $689.4M were up 28.8% Y/Y and up 26.0% organically; Backlog declined 5.1% Y/Y to $446.9M.Retail business continued its impressive growth trajectory with sales and orders up 106.1% and 81% over last year, respectively.North America Contract sales were down by 4.2%, while orders were flat compared Y/Y but sequential demand improvements increased the order levels by 21.2% Q/Q.International Contract sales were up 58.2%, while orders increased by 55.2% compared Y/Y; on an organic basis, sales increased by 48.4% and orders were 45.4% higher than last year.FQ4 Gross margin improved 110 bps to 36%, reflecting strong channel and product mix.Adj. operating margin of 7.0% was 370 bps higher than last year.Liquidity position also remains strong, with cash on hand and availability on revolving credit facility totaling $661.6M with gross-debt to EBITDA ratio of 0.9x

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Herman Miller plummets despite FQ4 estimates beat