Herman Miller, Inc. (NASDAQ:MLHR) reported stronger-than-expected results for its first quarter on Wednesday.
The Zeeland, Mich.-based company came out with net sales totaling $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, excluding foreign currency translation, net sales jumped 7.7% in the first quarter and orders increased by 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.
The company ended the first quarter with total cash and cash equivalents of $159.5 million. Cash flow generated from operations was $52.8 million in the current quarter compared to $32.9 million in the same quarter last fiscal year.
CEO Andi Owen said "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.”
Herman Miller is "a globally recognized provider of furnishings and related technologies and services."
Shares acquired $1.65, or 3.7%, to $46.12
