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18.09.2019 22:10
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PR Newswire
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Herman Miller Reports First Quarter Fiscal 2020 Results
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PR Newswire
ZEELAND, Mich., Sept. 18, 2019
ZEELAND, Mich., Sept. 18, 2019 /PRNewswire/ --
- Year-over-year sales and order growth of 7%
- Operating margin expansion of 160-basis points on a reported basis (90-basis points adjusted)
- 35% increase in reported EPS (22% adjusted)
Webcast to be held Thursday, September 19, 2019, at 9:30 AM ET
| Release | Immediate |
| Date | September 18, 2019 |
| 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/investors
Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its first quarter ended August 31, 2019. Net sales in the quarter totaled $670.9 million, an increase of 7.4% from the same quarter last fiscal year. New orders in the first quarter of $676.7 million were 6.9% above the prior year level.
On an organic basis, which excludes the impact of foreign currency translation, net sales and orders in the first quarter increased by 7.7% and 7.3%, respectively, compared to the same quarter last fiscal year.
Herman Miller reported net earnings of $0.81 per share on a diluted basis in the first quarter compared to diluted earnings per share of $0.60 in the same quarter last fiscal year. Excluding restructuring expenses and other special charges, adjusted earnings per share in the first quarter totaled $0.84 compared to adjusted earnings per share of $0.69 in the first quarter of last fiscal year.
Andi Owen, President and Chief Executive Officer, stated, "Strong sales and order growth for the quarter were led by our North America and Retail businesses. Consolidated sales growth, higher gross margins and well-managed operating expenses combined to drive operating margin expansion over the same quarter last year. While there are clear opportunities for additional improvement, the enterprise at large is executing at a very high level, and we are beginning to realize meaningful benefit from our efforts to align the direction of the global business around a common set of strategic priorities."
First Quarter Fiscal 2020 Financial Results
| FINANCIAL HIGHLIGHTS | | | | |||||
| (Dollars in millions, except per share data) | (Unaudited) | |||||||
| | Three Months Ended | |||||||
| | August 31, 2019 | September 1, 2018 | % Chg. | |||||
| Net Sales | $ | 670.9 | | $ | 624.6 | | 7.4 | % |
| Gross Margin % | 36.7 | % | 36.0 | % | N/A | |||
| Operating Expenses | $ | 184.2 | | $ | 178.0 | | 3.5 | % |
| Restructuring Expense | $ | 1.8 | | $ | 1.1 | | 63.6 | % |
| Operating Earnings % | 9.0 | % | 7.4 | % | N/A | |||
| Adjusted Operating Earnings %* | 9.3 | % | 8.4 | % | N/A | |||
| Net Earnings Attributable to Herman Miller, Inc. | $ | 48.2 | | $ | 35.8 | | 34.6 | % |
| Earnings Per Share – Diluted | $ | 0.81 | | $ | 0.60 | | 35.0 | % |
| Adjusted Earnings Per Share – Diluted* | $ | 0.84 | | $ | 0.69 | | 21.7 | % |
| Orders | $ | 676.7 | | $ | 632.8 | | 6.9 | % |
| Backlog | $ | 399.9 | | $ Werbung Mehr Nachrichten zur Herman Miller Aktie kostenlos abonnieren
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