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22.06.2016 22:10
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PR Newswire
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Herman Miller Reports Fourth Quarter and Fiscal 2016 Results
Eine Tageszeitung (Symbolbild).
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PR Newswire
ZEELAND, Mich., June 22, 2016
ZEELAND, Mich., June 22, 2016 /PRNewswire/ --
Webcast to be held Thursday, June 23, 2016, at 9:30 AM ET
| Release | Immediate |
| Date | June 22, 2016 |
| Contact | Kevin Veltman (616) 654 3973 or kevin_veltman@hermanmiller.com |
| | Jeff Stutz (616) 654 8538 or jeff_stutz@hermanmiller.com |
| | Media (616) 654-5977 or media_relations@hermanmiller.com |
| Address | Herman Miller, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302 |
| Internet |
NOTE: A data supplement with additional financial information relating to the periods covered by this press release is available for download from the company's website at http://www.hermanmiller.com/about-us/investors.html.
Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its fourth quarter and fiscal year ended May 28, 2016. Net sales in the quarter totaled $582.6 million, an increase of 5.8% from the same quarter last fiscal year. New orders in the fourth quarter of $606.2 million were 8.9% above the prior year level.
Herman Miller reported diluted earnings per share of $0.67 in the fourth quarter. This compares to diluted earnings per share of $0.39 in the same quarter last fiscal year. Excluding the impact of certain non-recurring gains associated with the sale of property, a dealership divestiture and tax planning, adjusted diluted earnings per share in the fourth quarter totaled $0.56. In the fourth quarter of last fiscal year, the company reported adjusted diluted earnings per share of $0.47.
For the full fiscal year, net sales were $2,264.9 million, reflecting a year-over-year increase of 5.7%. Diluted earnings per share for the full year totaled $2.26 compared to $1.62 last year. On an adjusted basis, diluted earnings per share totaled $2.17 in fiscal 2016. This represents an increase of 19.2% over adjusted earnings per share of $1.82 in fiscal 2015. The company estimates that foreign currency translation unfavorably impacted its full year earnings per share by approximately $0.13 in fiscal 2016.
The company also announced an increase in its quarterly cash dividend to $0.17 per share payable in October 2016. This change represents an increase of over 15% from the current dividend payout of $0.1475 per share.
Brian Walker, Chief Executive Officer, stated, "Strong net sales and order growth were a clear highlight of our results this quarter, capping a full fiscal year that set an all-time record level of sales for our company. We also delivered a year-over-year increase in adjusted earnings per share of 19% in the fourth quarter. Our fifth dividend increase in the past four years reflects the confidence of the Board and our leadership team in the power of our long-term strategy to create shareholder value. These results are a tribute to the talent and effort of our people and they demonstrate the meaningful progress we have made on our strategic priorities."
Fourth Quarter Fiscal 2016 Financial Results
| FINANCIAL HIGHLIGHTS (Dollars in millions, except per share data) | | ||||||||||||||||
| | Three Months Ended | | Fiscal Year Ended | | | ||||||||||||
| | 5/28/2016 | 5/30/2015 | % Chg. | 5/28/2016 | 5/30/2015 | % Chg. | | ||||||||||
| Net Sales | $ | 582.6 | | $ | 550.7 | | 5.8 | % | $ | 2,264.9 | | $ | 2,142.2 | | 5.7 | % | |
| Gross Margin % | 38.7 | % | 38.1 | % | N/A | 38.6 | % | 36.9 | % | N/A | | ||||||
| Operating Expenses | $ | 168.6 | | $ | 161.7 | | 4.3 | % | $ | 662.7 | | $ | 615.3 | | 7.7 | % | |
| Restructuring and Impairment Expenses | $ | — | | $ | 10.8 | | N/A | $ | — | | $ | 12.7 | | N/A | | ||
| Operating Earnings % | 9.7 | % | 6.7 | % | N/A | 9.3 | % | 7.6 | % | N/A | | ||||||
| Adjusted Operating Earnings % * | 8.7 | % | 8.7 | % | N/A | 9.1 | % Werbung Mehr Nachrichten zur Herman Miller Aktie kostenlos abonnieren
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