$MLHR (Herman Miller Inc.)

$MLHR {{ '2016-09-22T17:28:58+0000' | timeago}} • Webcast

Michigan-based company $MLHR said while overall sales in 1Q17 were slightly below expectations, the company was encouraged by the order momentum within the ELA, Specialty and Consumer businesses. In North America, order levels were softer than expected in the first two months of 1Q17 but showed improvement toward the end of the period.

$MLHR {{ '2017-09-21T20:15:08+0000' | timeago}} • Webcast

$MLHR said the growth in the consumer business was quite strong during 1Q18. This was helped by the launch of new products and the opening of new studios. The online segment of the business is also seeing good growth. The company is optimistic on the growth opportunity of this business.

$MLHR {{ '2017-09-21T19:58:45+0000' | timeago}} • Webcast

In $MLHR’s North American segment, sales were $329MM in 1Q18, representing a decrease of 5% from 1Q17. The ELA segment had a relatively slow start to the fiscal year from a revenue perspective reporting sales of $93MM in 1Q18, down 4% compared to last year on a GAAP basis, but organically sales were up 3% in the quarter.

$MLHR {{ '2017-09-21T19:58:27+0000' | timeago}} • Webcast

During 1Q18, $MLHR’s new orders totalled $595MM, flat compared to 1Q17. On an organic basis, orders were 8% higher than 1Q17. Excluding the impact from dealer divestitures, the ending backlog for 1Q18 was 8% higher than last year's level.

$MLHR {{ '2017-09-21T14:14:49+0000' | timeago}} • Announcement

$MLHR expects net sales in 2Q18 to be $590-620MM. On an organic basis, adjusted for the impact of a dealer divestiture and foreign currency translation, this forecast implies organic sales growth of 6% compared to 2Q17 at the mid-point of the range. Diluted EPS is expected to be $0.55-0.61 in 2Q18.

$MLHR {{ '2017-09-21T14:14:18+0000' | timeago}} • Announcement

$MLHR reported an 8% decrease in 1Q18 earnings. Net income was $33.1MM or $0.55 per share compared to $36.3MM or $0.60 per share in 1Q17. Adjusted EPS was $0.57 in 1Q18. Reported net sales totaled $580.3MM, a decrease of 3.1% from last year.

$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.

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