Herman Miller, Inc. (NASDAQ: MLHR)
Herman Miller stock rallied more than 12% after the closing bell on Monday. The climb came after the Zeeland, Michigan-based furniture company announced its fourth-quarter earnings that exceeded expectations.
The company also updated its revenue and earnings guidance for the first quarter of fiscal 2019. Further, the Board of Directors approved a 10% in quarterly dividend payout.
MLHR stock has lost 14% since the beginning of the year, and gained 13% in the last twelve months.
MLHR Earnings & Outlook
The furniture maker posted a net income of $32.2 million, or $0.53 per share for the quarter to June 2. In the year-earlier period, the company had a net income of $33.5 million, or $0.55 per share.
Excluding non-recurring items, adjusted earnings per share came in at $0.66. Net sales totaled to $618 million, up 7.1% from $577.2 million from last year’s comparable quarter.
Analysts expected net sales of $601.3 million and adjusted earnings $0.58 per share, according to Thompson Reuters.
Looking ahead, the company hopes to report net sales in the range of $610 million to $630 million, and earnings of $0.63 to $0.67 per share.
Analysts polled by Thompson Reuters expect net sales of $611.5 million, and earnings of $0.65 per share.
Herman Miller CEO Comments
“Strong net sales and order growth were a clear highlight of our results this quarter as we finished the fiscal year setting all-time records for quarterly and annual sales for our Company. Order growth for the quarter was broad-based across all of our business segments. As a result of our strong financial position, the Board of Directors approved a 10% 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. 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,” said Herman Miller Chief Executive Officer, Mr. Brian Walker.
Herman Miller, Inc. Company Profile
Herman Miller, Inc. is involved in the provision of furnishings and related services. The company’s segments of operation are; ELA Furniture Solutions, North American Furniture Solutions, Corporate, Specialty, and Consumer.
The ELA Furniture Solutions category designs, manufactures, and sells furniture products mainly for work-related environments in the Middle East, Asia-Pacific, Europe, Latin America, and Africa.
The North American Furniture Solutions division designs, manufactures, and sells furniture for work-related environments, in Canada, United States, and Mexico.
The Specialty segment engages in the design, manufacture, and distribution of high-craft furniture and textile products, including Herman Miller Collection, Geiger wood products, and Maharam textiles.
The Consumer category is involved in the sale of modern design accessories and furnishings to third-party retail and wholesale distributors. Products under this category are also available through the company’s e-commerce websites, DWR retail studios, and direct mailing catalogs.
The Corporate segment caters for unallocated corporate costs, such as acquisition-related costs as well as other unallocated corporate expenses. Herman Miller, Inc. was founded in 1905 by Dirk Jan de Pree. –Reuters