Herman Miller, Inc. (NASDAQ:MLHR) reported better-than-expected earnings for its third quarter, while sales missed estimates. The company issued strong fourth-quarter adjusted earnings guidance.
The company, headquartered in Zeeland, Michigan, reported net sales in the quarter totaled $619.0 million, an increase of 7.0% from the same quarter last fiscal year. New orders in the third quarter of $610.7 million were 8.4% above the prior year level.
Herman Miller reported net earnings of $0.66 per share on a diluted basis in the third quarter compared to diluted earnings per share of $0.49 in the same quarter last fiscal year.
Excluding restructuring expenses, other special charges and the final adjustment related to the adoption of U.S. tax reform, adjusted earnings per share in the third quarter totaled $0.64 compared to adjusted earnings per share of $0.50 in the third quarter of last fiscal year.
CEO Andi Owen said, "Broad-based order growth for the quarter was led by our International and Consumer businesses, highlighting the power of our family of brands to drive growth through both our global dealer network and consumer channels.
"We leveraged revenue growth, gross margin expansion and well-managed operating expenses this quarter to deliver improved operating margins compared to the same quarter last year.”
Looking forward, Herman Miller says it expects net sales in the fourth quarter of fiscal 2019 to be in the range of $645 million to $665 million
Herman Miller is a globally recognized provider of furnishings and related technologies and services.
Its shares opened trading Thursday up 20 cents to $35.26
