Herman Miller, Inc. (NASDAQ: MLHR)
Herman Miller, Inc. (MLHR), a global furnishings and related technologies and services company yesterday reported their fiscal fourth quarter 2016 financial results. Herman Miller reported fourth quarter earnings of $0.67 per share which beat analyst estimates of $0.52 per share. Herman Miller reported fourth quarter revenues increased 5.8% year over year to of $582.6 million.
Herman Miller, Inc. CEO’s Comments
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.” PR Newswire
MLHR Technical Analysis
MLHR opened trading yesterday at $31.59 which was up from the previous days trading of $31.48. MLHR closed trading yesterday at $31.21 and climbed up after market to $32.85, equivalent to a 5% increase from the closing price. Taking a look at the daily chart we can see the last time MLHR traded above these levels we have to go all the way back to December 2007 when it traded at highs of $33.89. Taking a closer look at the daily chart we can see that MLHR has been in an upward trend dating back to February 11th when it traded at its 52 week low price of $22.60. MLHR has a float of 59.16 million shares and traded 1.39 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see MLHR open trading on Thursday above $32.30 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.30 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, and related services in the United States and internationally. It provides modular systems under the Canvas Office Landscape, Locale, Metaform Portfolio, Public Office Landscape, Action Office, Ethospace, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Sayl, Celle, Equa, and Ergon names; and storage products under the Meridian and Tu names. The company also offers wooden casegoods under the Geiger name; freestanding furniture products under the Abak, Intent, Sense, and Envelop names; and healthcare products under the Palisade, Compass, Nala, and Nemschoff names, as well as provides Thrive portfolio of ergonomic solutions and textiles. Its products are used in institutional environments, including offices and related conference, lobby, and lounge areas, as well as general public areas, such as transportation terminals; health/science environments comprising hospitals, clinics, and other healthcare facilities; industrial and educational settings; and residential and other environments. The company markets its products through its sales staff, own dealer network, independent dealers and retailers, and independent contract office furniture dealers, as well as through Internet. Herman Miller, Inc. was founded in 1905 and is headquartered in Zeeland, Michigan. Yahoo Finance
