Knoll, Inc. (NYSE:KNL) reported first quarter results that essentially met analyst expectations today, but that doesn’t mean investors weren’t impressed. Shares have rocketed more than 14% to a new 52-week high in early trading.
The office furniture designer and manufacturer posted first quarter earnings of $0.20 per share, doubling last year’s first quarter EPS and matching the consensus view. Revenue rose 26% to $220.9 million, which either slightly exceeded or barely missed the average analyst estimate, depending on your source. So we’ll call that a wash as well.
Among off-headline figures, adjusted operating margin popped to 9.7%, a nice jump from 7.4% during the same period last year. Knoll also increased shareholder by $15 million during the quarter, thanks mostly to a reduction in liabilities.
Shares of KNL are currently soaring right along their intraday high of $22.47 (+14.76%), which doubles as a new 52-week high. The price movement is reminiscent of the 17% shares gained immediately following Knoll’s fourth quarter results. At its current level, the stock features a 1.08% dividend yield.
Knoll slashed its dividend by 83% in 2009, but seems on the road to dividend recovery after tripling its quarterly payout in December.
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