On Tuesday, Shares of Herman Miller, Inc. (NASDAQ: MLHR) showed the bullish trend with a higher momentum of 3.65% and ended its trading session at $32.97. The company traded total volume of 360,389 shares as contrast to its average volume of 356.87K shares. The company has a market value of $2.00B and about 60.54M shares outstanding.
Herman Miller, Inc. (MLHR) recently declared results for its first quarter ended September 1, 2018. Net sales in the quarter totaled $624.60M, a boost of 7.6% from the same quarter last fiscal year. New orders in the first quarter of $630.60M were 6.0% above the prior year level.
First Quarter Fiscal 2019 Financial Results:
Operating expenses in the first quarter were $178.00M contrast to $165.70M in the same quarter a year ago. Operating expenses included certain special charges totaling $5.10M in the first quarter of fiscal 2019. The special charges related mainly to costs associated with the CEO transition and external consulting fees associated with the Company’s profit enhancement programs. Excluding these items, operating expenses increased by $7.20M contrast to the same quarter last year.
The Company recognized pre-tax restructuring and impairment expenses totaling $1.10M in the first quarter related to the consolidation of certain facilities in China and the United Kingdom that were declared last quarter. These costs mainly reflected asset impairments, severance, outplacement costs and moving expenses.
Second Quarter Fiscal 2019 Guidance:
Looking forward, Herman Miller anticipates net sales in the second quarter of fiscal 2019 to be in the range of $635.0M to $655.0M. On an organic basis, adjusted for the impact of reclassification related to the new revenue recognition standard, this forecast implies sales growth of 5% contrast to the second quarter of the prior year at the mid-point of the range. The Company anticipates adjusted diluted earnings per share to range between $0.70 to $0.74.
The Company offered net profit margin of 5.40% while its gross profit margin was 36.30%. ROE was recorded as 19.90% while beta factor was 1.42. The stock, as of recent close, has shown the weekly downbeat performance of -2.17% which was maintained at -17.68% in this year.