herman miller inc (MLHR) Key Developments
Herman Miller Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 29, 2014; Provides Earnings Guidance for the Third Quarter and Full Year Fiscal 2014
Dec 17 14
Herman Miller Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 29, 2014. For the quarter, the company’s net sales were $565.4 million against $470.5 million a year ago. Operating profit was $8.3 million against operating loss of $26.6 million a year ago. Adjusted operating earnings were $9.1 million compared to $8.5 million a year ago. Adjusted EBITDA was $64.8 million compared to $50.8 million a year ago. Net earnings attributable to the company was $27.8 million or $0.46 per diluted share compared to net loss attributable to the company of $80.6 million or $1.37 per diluted share a year ago. Adjusted earnings per diluted share were $0.51 compared to $0.42 a year ago. Effective income tax rate in the second quarter was 33.8% compared to 37.6% in the same quarter last fiscal year. Cash flow generated from operations in the second quarter was $38.7 million compared to a net cash outflow from operations of $10.7 million in the same quarter last fiscal year. Capital expenditures in the quarter were $18 million.
For the six months, the company’s net sales were $1,075.1 million against $938.6 million a year ago. Operating profit was $8.3 million against operating loss of $9.2 million a year ago. Adjusted operating earnings were $9.2 million compared to $8.9 million a year ago. Adjusted EBITDA was $124.0 million compared to $105.4 million a year ago. Net earnings attributable to the company was $53.0 million or $0.88 per diluted share compared to net loss attributable to the company of $58.1 million or $0.99 per diluted share a year ago. Adjusted earnings per diluted share were $0.98 compared to $0.84 a year ago. Through the first six months of fiscal 2015 operating cash flows were $80.7 million compared to $27.5 million during the same period of the prior year.
The company expects net sales in the third quarter of fiscal 2015 to be in the range of $510 million to $530 million. Diluted earnings per share in the quarter are expected to range between $0.33 and $0.37. This guidance assumes an effective tax rate between 33% and 35%. Gross margin is expected to range between 36% and 37% for the third quarter.
On a full year basis, the company expects net sales for fiscal 2015 to be in the range of $2.145 billion to $2.185 billion. Diluted earnings per share for the full fiscal year are expected to range between $1.71 and $1.79. On an adjusted basis, full year diluted earnings per share are expected to range between $1.80. Capital spending of between $65 million and $70 million. Adjusted earnings per share are expected to be between $1.80 and $1.88 per share on the full year, which would reflect growth of approximately 10% over fiscal 2014 at the midpoint of this range.
Herman Miller Inc. to Report Q2, 2015 Results on Dec 17, 2014
Dec 12 14
Herman Miller Inc. announced that they will report Q2, 2015 results After-Market on Dec 17, 2014
Herman Miller Inc., Q2 2015 Earnings Call, Dec 18, 2014
Dec 1 14
Herman Miller Inc., Q2 2015 Earnings Call, Dec 18, 2014
Herman Miller, Inc. Announces New Tool to Obtain Sustainability Information
Oct 28 14
Herman Miller Inc. announced a new tool to help interior designers, their customers, and related professionals obtain sustainability information on select products. The information, contained in what is known as an Environmental Product Declaration, or EPD, has been verified by an independent third-party organization. It is designed to help in making purchase decisions and supporting applications for sustainability certifications, such as Leadership in Energy and Environmental Design, or LEED. Transparency in sharing environmental information is the foundation of the EPDs. They meet the requirements of the BIFMA PCR (Product Category Rule), which will take effect in 2015. The rule seeks to give quantified environmental information through a globally recognized system approach. An EPD is a verified Environmental Product Declaration, which reports environmental data of products based on a life cycle assessment (LCA) and in accordance with the international ISO 14025 (Type III Environmental Declarations.) Customers are increasingly asking for quantified environmental information that takes a globally recognized approach. The overall goal of the document is to provide relevant, verified environmental information. At the same time, EPDs can reflect the continuous environmental improvement of products and services over time and are able to communicate relevant environmental information along a product's supply chain. EPDs can help people make better decisions by understanding where any environmental hot spots may exist in a product. In addition, Environmental Product Declarations can contribute to new Material and Resource credits in LEED V4.
Herman Miller Inc. Approves Amendment to the Company's Bylaws
Oct 9 14
Herman Miller Inc. announced that the annual meeting of the shareholders of the company was held on October 6, 2014, approved an amendment to the company's Bylaws. The Bylaws were amended to add a provision that, unless the company provides otherwise, the local state and federal courts in Michigan (the location of the company's headquarters and the jurisdiction in which the company was formed) are the sole and exclusive forum for specific claims brought against the company.