$MLHR (Herman Miller Inc.)

$MLHR {{ '2016-09-22T17:43:52+0000' | timeago}} • Webcast

On an organic basis, $MLHR's net sales increased 1.5% and orders increased 2.5% in 1Q17 versus 1Q16. New orders for the North America segment totaled $348MM in 1Q17. In the ELA segment, new orders totaled $110MM. New orders in the Specialty segment were $67MM. In the Consumer segment, new orders totaled $71MM.

$MLHR {{ '2017-07-06T15:37:23+0000' | timeago}} • Webcast

$MLHR expects to achieve its cost saving target - up to $25-30MM over the coming years - through workforce reduction and a range of activities such as cutting down travel and entertainment expenses. The other major cost-saving initiatives in the pipeline are facilities consolidation and logistics optimization.

$MLHR {{ '2017-07-06T15:26:19+0000' | timeago}} • Webcast

$MLHR said the recently opened or repositioned, designer studios have added around 70,000 sq.ft. of selling space to the company’s consumer business portfolio. $MLHR plans to add 60,000 sq.ft. of incremental selling space next year through six new, or repositioned studios.

$MLHR {{ '2017-07-06T15:17:30+0000' | timeago}} • Webcast

$MLHR has outlined its growth strategy for fiscal 2018, with the top priority being scaling up of the consumer business. The other main focus areas are cost saving and product innovation. The company expects its cost-cutting initiatives to raise operating margins consistently by 10% over the next three years.

$MLHR {{ '2017-07-05T20:58:02+0000' | timeago}} • Announcement

$MLHR’s North American sales advanced 1.5% YoY to $337.8MM in 4Q17. Sales of the ELA and Specialty segments dropped 16.2% and 7.8%, respectively, compared to 4Q16. The Consumer segment registered a 16% annual growth.

$MLHR {{ '2017-07-05T20:56:27+0000' | timeago}} • Announcement

$MLHR expects to record sales in the range of $570-590MM in 1Q18. On an organic basis, sales are forecast to grow 5% from 1Q17. The company expects first quarter earnings to be between $0.55 per share and $0.59 per share.

$MLHR {{ '2017-07-05T20:52:59+0000' | timeago}} • Announcement

$MLHR said its 4Q17 profit dropped as new orders fell 6.3%. Earnings declined to $33.4MM or $0.55 per share from $40.7MM or $0.67 per share a year earlier. On an adjusted basis, EPS climbed 14.3% YoY to $0.64. Sales edged down 0.9% to $577.2MM. Herman Miller announced a cash dividend of $0.18 per share in 4Q17, payable in October, 2017.

$MLHR {{ '2017-03-23T14:28:06+0000' | timeago}} • Webcast

$MLHR said that on cost reduction longer term, the company is thinking in four primary categories. Firstly, it is synergies within and across the company's business units, which is driven by organizational realignment. Secondly, facility related savings. Thirdly, logistics savings; and finally, it is general cost rationalization.

$MLHR {{ '2017-03-23T14:09:21+0000' | timeago}} • Webcast

$MLHR's CapEx for 2Q17 was $24MM and $70MM YTD. The company expects CapEx of $90-95MM for FY17. In the quarter, $MLHR repurchased approx. $5MM.

$MLHR {{ '2017-03-22T20:29:58+0000' | timeago}} • Announcement

$MLHR anticipates 4Q17 net sales to be in the range of $575-595MM and diluted EPS is expected to be about $0.53-0.57 per share.

$MLHR {{ '2017-03-22T20:27:16+0000' | timeago}} • Announcement

Office furniture systems company $MLHR reported 19.4% drop in its 3Q17 earnings, hurt by pre-tax restructuring expenses of $2.7MM. Net earnings fell to $22.5MM, or $0.37 per share, compared to $27.9MM, or $0.46 per share during 3Q16. Net sales fell 2.2% YoY to $524.9MM. Excluding impact of restructuring charges, $MLHR earned $0.39 per share.

$MLHR {{ '2017-02-07T13:09:10+0000' | timeago}} • Announcement

$MLHR said Greg Bylsma has been promoted to President, North America Contract. Steve Gane has been promoted to President, Specialty Brands. Jeremy Hocking has been promoted to EVP, Strategy and Business Development. Ben Watson has been promoted to Chief Creative Officer.

$MLHR {{ '2017-02-07T13:08:54+0000' | timeago}} • Announcement

$MLHR realigned its organizational structure. This includes centralizing leadership for the North America Contract segment, creating a centralized leadership structure for Geiger, the Herman Miller Collection, and Maharam within Specialty and combining functions of Strategy, Mergers & Acquisitions, Channel Development, and Information Technology.

$MLHR {{ '2016-12-22T15:34:18+0000' | timeago}} • Webcast

$MLHR stated that steel pricing was better than expected in 2Q17. For 3Q17, the company expects a $4MM YonY headwind from steel pricing at the gross margin level.

$MLHR {{ '2016-12-22T15:25:14+0000' | timeago}} • Webcast

$MLHR said in 2Q17, GM was down 100BP YonY, mainly driven by the impact of steel pricing, which was around a $3MM YonY pressure in the quarter, and higher discounting pressure. Moving into 3Q17, $MLHR anticipates slightly lower revenue at the midpoint of the range along with some pressure from deleveraging as the main factors affecting GM.

$MLHR {{ '2016-12-22T15:10:39+0000' | timeago}} • Webcast

In 2Q17, $MLHR’s North America segment sales were $330MM, down 5% from 2Q16. The ELA segment reported sales of $108MM, up 7% from last year. Sales within the Specialty segment were $61MM, up 5% from last year. The Consumer business reported sales of $80MM, an increase of 8% compared to last year.

$MLHR {{ '2016-12-22T14:54:57+0000' | timeago}} • Webcast

On the Consumer side, the high end of the housing market has been soft but overall existing home sales and new housing starts have showed gains in the past few months aided by rising household incomes and relatively low interest rates. $MLHR’s Consumer business generated high single digit sales and order growth during 2Q17.

$MLHR {{ '2016-12-22T14:47:28+0000' | timeago}} • Webcast

In 2Q17, $MLHR’s consolidated orders were $576MM. In the face of challenging comparisons to the prior year and an uncertain near-term business environment, consolidated orders posted a modest decline this quarter particularly in the North America and Specialty segments.

$MLHR {{ '2016-12-21T21:45:30+0000' | timeago}} • Announcement

$MLHR expects 3Q17 net sales of $520-540MM. On an organic basis, adjusted for the impact of a dealer divestiture and foreign currency translation, this forecast implies flat sales growth compared to the last year at the mid-point of the range. EPS is expected to be $0.31-0.35.

$MLHR {{ '2016-12-21T21:41:49+0000' | timeago}} • Announcement

Office furniture systems company $MLHR reported a 8.6% decline in 2Q17 earnings due to higher commodity costs and more competitive pricing environment. Net income fell to $31.7MM or $0.53 per share from $34.7MM or $0.57 per share last year. Net sales slid 0.5% to $577.5MM. Adjusted EPS decreased to $0.54 from $0.57.

$MLHR {{ '2016-09-22T18:38:24+0000' | timeago}} • Webcast

Kathryn Thompson of Thompson Research Group asks about the percentage of raw materials in cost of goods sold. $MLHR said direct materials tend to run about 40% of revenue. Steel is an important input cost of total materials. Steel runs about 7% or 8% of total cost of goods sold in the North American business.

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