LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Herman Miller, Inc. (NASDAQ: MLHR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=MLHR, following the Company's reporting of its first quarter fiscal 2018 financial results on September 20, 2017. The furniture maker reported a y-o-y decline in sales and earnings, primarily impacted by one less week in the reported quarter. The Company also provided guidance for the upcoming quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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For the thirteen weeks ended September 02, 2017, Herman Miller reported net sales of $580.3 million, down 3.1% compared to net sales of $598.6 million for fourteen weeks in Q1 FY17. The Company recorded new orders in the reported quarter of $594.8 million, consistent on a y-o-y basis. Herman Miller's revenue beat analysts' expectations of $578.27 million.
On an organic basis, Herman Miller's net sales and orders in Q1 FY18 grew by 3.9% and 7.8%, respectively, from Q1 FY17. The Company's organic net sales and orders excluded the impact of the extra week in Q1 FY17, foreign currency translation and dealer divestitures as well as the impact of a change in shipping terms for Design Within Reach sales during the reported quarter.
Herman Miller's consolidated gross margin in Q1 FY18 totaled 37.4%, representing 100 basis points decrease from the level reported in Q1 FY17. The Company's operating expenses were $165.7 million in the reported quarter compared to $173.6 million in the prior year's same quarter. This represented a year-over-year decrease of $7.9 million, the majority of which related to the impact of an extra week of operations in Q1 FY17.
Herman Miller recognized pre-tax restructuring expenses and other charges totaling $2.1 million in Q1 FY18, all of which relate directly to initiatives aimed at achieving the Company's cost reduction goals. Restructuring expenses related to severance and outplacement benefits associated with targeted workforce reductions implemented during the period.
Herman Miller reported net earnings of $33.1 million, or $0.55 per share on a diluted basis, in Q1 FY18 compared to net income of $36.3 million, or $0.61 per diluted share, in Q1 FY17. Excluding the impact of restructuring and other charges recognized in the reported period associated with the Company's profitability improvement initiatives, adjusted earnings per share totaled $0.57 in Q1 FY18 compared to earnings per share of $0.60 in Q1 FY17. Herman Miller estimated the extra week of operations in the prior year's same quarter to increase earnings per share by approximately $0.05 in that period. Herman Miller's earnings were in-line with Wall Street's expectations of $0.57 per share.
Herman Miller ended Q1 FY18 with total cash and cash equivalents of $80.0 million, a decrease of $16.2 million from the balance at the end of fiscal 2017. The Company's cash flow generated from operations in Q1 FY18 was $18.9 million compared to $30.2 million in Q1 FY17.
For Q2 FY18, Herman Miller is forecasting net sales to be in the range of $590 million to $620 million. On an organic basis, adjusted for the impact of a dealer divestiture and foreign currency translation, this forecast implies organic sales growth of 6% on a y-o-y basis at the mid-point of the range. The Company is projecting diluted earnings per share in the upcoming quarter to be in the band of $0.55 to $0.61 per share.
On Wednesday, October 04, 2017, the stock closed the trading session at $35.75, marginally down 0.97% from its previous closing price of $36.10. A total volume of 567.54 thousand shares have exchanged hands, which was higher than the 3-month average volume of 483.47 thousand shares. Herman Miller's stock price surged 7.04% in the last three months, 12.60% in the past six months, and 26.15% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 4.53%. The stock is trading at a PE ratio of 17.93 and has a dividend yield of 2.01%. At Wednesday's closing price, the stock's net capitalization stands at $2.12 billion.
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