U.S. Markets close in 2 hrs 35 mins

Earnings Review and Free Research Report: Herman Miller Beat Revenue Estimates; Earnings in-line with Expectations

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:


At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MLHR. With the links below you can directly download the report of your stock of interest free of charge at:


Earnings Reviewed

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.

Cash Matters

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.

Stock Performance

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.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.


PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.


This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.


For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily