Free Research Report as Herman Miller’s Quarterly Sales Jumped 10.2% and Adjusted EPS Surged 28%

LONDON, UK / ACCESSWIRE / April 24, 2018 / Active-Investors.com has just released a free earnings report on Herman Miller, Inc. (NASDAQ: MLHR). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MLHR. The Company reported its third quarter fiscal 2018 operating and financial results on March 21, 2018. The furniture maker outperformed top- and bottom-line expectations, and also provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Herman Miller most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=MLHR

Earnings Highlights and Summary

For the quarter ended March 03, 2018, Herman Miller’s net sales totaled $578.4 million, reflecting an increase of 10.2% compared to $524.9 million in Q3 FY17. The Company’s revenue numbers came in ahead of analysts’ estimates by $5.1 million.

During Q3 FY18, Herman Miller’s new orders of $563.2 million were 3.7% above $543.2 million in Q3 FY17.

During Q3 FY18, Herman Miller’s consolidated gross margin totaled 35.6%, representing a 160-basis point drop from gross margin of 37.2% reported in Q3 FY17. The Company’s reported quarter operating expenses were $167.5 million compared to $157.8 million in the year earlier same quarter. Herman Miller’s operating expenses for the reported quarter included certain special charges totaling $3.9 million, primarily related to costs associated with the planned Chief Executive Officer (CEO) transition announced in February 2018, and external consulting fees associated with the Company’s profit enhancement initiatives.

Herman Miller reported net earnings of $29.8 million, or $0.49 per diluted share, in Q3 FY18 compared to $22.5 million, or $0.37 per diluted share, in Q3 FY17. Excluding the impact of certain special charges and the one-time impact of the US Tax Cuts and Jobs Act 2017 (TCJA) recognized in the reported period, the Company’s adjusted earnings per share (EPS) totaled $0.50 in Q3 FY18, up 28% compared to $0.39 in Q3 FY17. Herman Miller’s EPS beat Wall Street’s estimates of $0.49.

Segment Results

During Q3 FY18, Herman Miller’s North America segment’s net sales grew 7.4% to $316.4 million on a y-o-y basis, while the segment’s orders fell 7.4% to $294.7 million. For the reported quarter, the Company’s ELA segment reported sales of $102.6 million, reflecting an increase of 17% on a GAAP basis versus the year ago comparable period, and up 11% organically. The segment’s new orders totaled $113.9 million, which was 33% higher on a y-o-y basis, and up 27% organically. The strong y-o-y order growth was broad based across all international regions, with a notable strength in the UK, Continental Europe, Australia, Mexico, and the Middle-East.

For Q3 FY18, Herman Miller’s Specialty segment’s sales gained 5% to $72.6 million on a y-o-y basis. The segment’s new orders grew 7% to $71.2 million in the reported quarter, driven principally by a strong project activity for Geiger and the Herman Miller Collection. Herman Miller’s Consumer segment reported sales of $86.8 million in Q3 FY18, up 19% on a y-o-y basis, driven by a strong growth across the Company’s studio, catalog, ecommerce, and contract channels. The segment’s new orders advanced 14% to $83.4 million in the reported quarter.

Cash Matters

Herman Miller ended Q3 FY18 with total cash and cash equivalents of $193.0 million, reflecting an increase of $96.8 million from the balance at the end of the fiscal year 2017. During the reported quarter, the Company’s cash flow generated from operations was $29.2 million compared to $27.8 million in the year earlier corresponding quarter.

Outlook

For the fourth quarter of the fiscal year 2018, Herman Miller is forecasting net sales to be in the range of $590 million to $610 million. On an organic basis, this forecast implies a sales growth of 4% on a y-o-y basis at the mid-point of the range.

On a GAAP basis, Herman Miller’s diluted EPS is expected to be in the range of $0.49 to $0.53, and adjusted diluted EPS to be in the band of $0.56 to $0.60 for Q4 FY18.

Stock Performance Snapshot

April 23, 2018 – At Monday’s closing bell, Herman Miller’s stock slightly fell 0.47%, ending the trading session at $31.75.

Volume traded for the day: 412.20 thousand shares.

After yesterday’s close, Herman Miller’s market cap was at $1.95 billion.

Price to Earnings (P/E) ratio was at 14.79.

The stock has a dividend yield of 2.27%.

The stock is part of the Consumer Goods sector, categorized under the Business Equipment industry.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third-party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors

ReleaseID: 497133