Business
Herman Miller Reports Third Quarter Fiscal 2020 Results
ZEELAND, Mich., March 18, 2020 /PRNewswire/ -- Net sales growth of 8% over prior year Operating margins 10 basis points lower than prior year (110 basis
About this update from Millerknoll, Inc.
[{"type":"text","content":"ZEELAND, Mich., March 18, 2020 /PRNewswire/ -- \nNet sales growth of 8% over prior year Operating margins 10 basis points lower than prior year (110 basis points higher on adjusted basis) Robust cash flow generation and a strong balance sheetWebcast to be held Wednesday, March 18, 2020, at 5:00 PM ET\nNOTE: A data supplement with additional financial information relating to the periods covered by this press release is available for download from the Company's website at http://www.hermanmiller.com/investors \nHerman Miller, Inc. (NASDAQ: MLHR) today announced results for its third quarter ended February 29, 2020. Net sales in the quarter totaled $665.7 million, an increase of 7.5% from the same quarter last fiscal year. New orders in the third quarter of $651.7 million were 6.3% above the prior year level.\nOn an organic basis, which excludes the impact of acquisitions and foreign currency translation, net sales and orders in the third quarter decreased by 0.5% and 1.4%, respectively, compared to the same quarter last fiscal year.\nHerman Miller reported net earnings of $0.64 per share on a diluted basis in the third quarter compared to diluted earnings per share of $0.66 in the same quarter last fiscal year. Excluding restructuring expenses and other special charges, adjusted earnings per share in the third quarter totaled $0.74 compared to adjusted earnings per share of $0.64 in the third quarter of last fiscal year.\nAndi Owen, President and Chief Executive Officer, stated, \"Despite the uncertain global economic environment resulting from coronavirus concerns, we delivered adjusted earnings per share that exceeded the expectations that we established at the start of the quarter. While we experienced uneven demand patterns for sales and orders during the quarter, we focused our attention on what we could control - with our first priority to ensure the health and safety of our associates around the globe. We also remained focused on controlling expenses and achieving the savings target we previously set in connection with our profit optimization initiative. Supported by these efforts, we delivered adjusted operating margin expansion in the quarter of 110 basis points over last year. While we cannot determine the precise impact of the coronavirus outbreak on our third quarter results, we do know that the temporary closure of ou...