Herman Miller Reports Fourth Quarter Fiscal 2017 Results

ZEELAND, Mich., July 5, 2017

Webcast to be held Thursday, July 6, 2017, at 9:30 AM ET

Release	Immediate
Date	July 5, 2017
Contact ARIVA.DE Börsen-Geflüster Kurse Herman Miller 23,80 € +0,85%	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	www.hermanmiller.com

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 ended June 3, 2017.  Net sales in the quarter totaled $577.2 million, a decrease of 0.9% from the same quarter last fiscal year. New orders in the fourth quarter of $568.1 million were 6.3% below the prior year level.

Last quarter, the company estimated its most recent price increase, which became effective on February 6, 2017, had the effect of accelerating approximately $21 million of orders that would have otherwise been entered in the fourth quarter of fiscal 2017. On an organic basis, which includes the impact of that order acceleration as well as foreign currency translation and dealer divestitures, net sales in the fourth quarter increased by 2.7%, while orders were essentially flat from the same quarter last fiscal year.

Herman Miller reported net earnings of $0.55 per share on a diluted basis in the fourth quarter compared to diluted earnings per share of $0.67 in the same quarter last fiscal year. Excluding the impact of restructuring and impairment charges recognized in the period, adjusted earnings per share in the fourth quarter totaled $0.64, an increase of 14.3% over adjusted earnings per share of $0.56 in the fourth quarter of last fiscal year.

For the full fiscal year, net sales were $2.28 billion, reflecting a year-over-year increase of 0.6%. On an organic basis, net sales increased by 1.4% compared to last fiscal year. Diluted earnings per share for the full year totaled $2.05 compared to $2.26 last year. On an adjusted basis, diluted earnings per share totaled $2.16 in fiscal 2017 compared to $2.17 in fiscal 2016.

The company also announced an increase in its quarterly cash dividend to $0.18 per share payable in October 2017. This change represents an increase of 6% from the previous dividend payout of $0.17 per share.

Brian Walker, Chief Executive Officer, stated, "While order levels across our contract businesses remained mixed this quarter, we were pleased to see continued net sales and order acceleration within our Consumer business segment. This growth reflects improved momentum in all areas of this segment and highlights the opportunity we see to leverage growth through our multi-channel business strategy. Better than expected gross margins and well-managed operating expenses combined to deliver adjusted earnings per share above the expectations that we provided at the start of the quarter and reflected adjusted earnings growth of 14% over the same quarter last year. As a result of strong cash flow generation and a well-positioned balance sheet, the Board of Directors approved an increase in our quarterly dividend payout - an action that reflects the confidence of the Board and our leadership team in the power of our long-term strategy."

Fourth Quarter Fiscal 2017 Financial Results
FINANCIAL HIGHLIGHTS
(Dollars in millions, except per share data)	(Unaudited)								(Unaudited)
	Three Months Ended								Twelve Months Ended
	6/3/2017			5/28/2016			% Chg.		6/3/2017			5/28/2016			% Chg.
	(13 weeks)			(13 weeks)					(53 weeks)			(52 weeks)
Net Sales	$	577.2		$	582.6		(0.9)	%	$	2,278.2		$	2,264.9		0.6	%
Gross Margin %	38.3		%	38.7		%	N/A		37.9		%	38.6		%	N/A
Operating Expenses	$	162.3		$	168.6		(3.7)	%	$	660.9		$	662.7		(0.3)	%
Restructuring and Impairment Expenses	$	8.8		$	—		N/A		$	12.5		$	—		N/A
Operating Earnings %	8.6		%	9.7		%	N/A		8.4		%	9.3		%	N/A Werbung Mehr Nachrichten zur Herman Miller Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Kasei Digital Assets Plc - Half-Year Results 25.04.24 - PR Newswire Finsbury Growth & Income Trust Plc - Transaction in Own Shares 25.04.24 - PR Newswire Fidelity Emerging Markets Ltd - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59