Herman Miller Reports Fourth Quarter Fiscal 2019 Results
Record net sales of $671 million, reflecting 9% growth over last year (8% organic growth)
Operating margin expansion of 140 basis points
Announces 6% increase in quarterly dividend payout
Webcast to be held Thursday, June 27, 2019, at 8:30 AM ET
June 26, 2019
Kevin Veltman (616) 654-3973 or email@example.com
Jeff Stutz (616) 654-8538 or firstname.lastname@example.org
Media (616) 654-5977 or email@example.com
Herman Miller, Inc., 855 East Main Avenue, PO Box 302, Zeeland, MI 49464-0302
NOTE: 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/about-us/investors.html.
Herman Miller, Inc. (NASDAQ: MLHR) today announced results for its fourth quarter ended June 1, 2019. Net sales in the quarter totaled $671.0 million, an increase of 8.6% from the same quarter last fiscal year. New orders in the fourth quarter of $664.5 million were 7.0% above the prior year level.
On an organic basis, which excludes the impact of foreign currency translation and the adoption of the new revenue recognition standard at the start of fiscal 2019, net sales and orders in the fourth quarter increased by 7.6% and 6.4%, respectively, compared to the same quarter last fiscal year.
Herman Miller reported net earnings of $0.78 per share on a diluted basis in the fourth quarter compared to diluted earnings per share of $0.53 in the same quarter last fiscal year. Excluding the impact of restructuring expenses, other special charges, and a gain associated with the fair value adjustment of an investment, adjusted earnings per share in the fourth quarter totaled $0.88 compared to adjusted earnings per share of $0.66 in the same quarter of last fiscal year.
For the full fiscal year, net sales were $2,567.2 million, reflecting a year-over-year increase of 7.8%. On an organic basis, net sales increased by 7.1% compared to last fiscal year. Diluted earnings per share for the full year totaled $2.70 compared to $2.12 last year. On an adjusted basis, diluted earnings per share totaled $2.97 in fiscal 2019 compared to $2.30 in fiscal 2018.
The Company also announced an increase in its quarterly cash dividend to $0.21 per share payable in October 2019. This change represents an increase of 6% from the previous dividend payout of $0.1975 per share.
Andi Owen, Chief Executive Officer, stated, "Strong demand was a clear highlight of our results as we finished the quarter setting all-time records for quarterly and annual net sales for our Company. We leveraged this demand to deliver meaningful operating margin expansion over the same quarter last year. These results for the year are a tribute to the talent and effort of our people. At the same time, there is more work ahead, as we position ourselves behind a clear set of strategic priorities to drive sustainable, diversified revenue growth and long-term value creation for all of our stakeholders. As a result of our financial performance this year and strong balance sheet position, our Board of Directors approved a 6% increase in our quarterly dividend payout - an action that reflects the confidence of the Board and our leadership team in the power of our long-term strategy."
The following information was filed by Miller Herman Inc (MLHR) on Wednesday, June 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.