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Herman Miller announces lower 3rd quarter orders and sales but increased profits

Thursday 21 March 2013

Herman Miller reported Wednesday a growth of 23.1% in its adjusted third-quarter earnings on sales of $423.5 million in the quarter for the 2013 fiscal year.

Net sales were up 5.9 % from the same quarter last fiscal year.

It also reported third-quarter diluted earnings of 28 cents per share compared to 26 cents per share for the same period last year, the company said in a news release.

“Our sales growth this quarter, combined with strong gross margins, helped drive a solid improvement in adjusted earnings from a year ago,” Herman Miller CEO Brian Walker said.

“While we are pleased with the overall results, net sales and orders fell short of our expectations. The shortfall was primarily driven by the difficult environment in key economies outside the U.S. and declines in business with the U.S. federal government, including within the healthcare sector,” he said. “We did, however, offset these negative factors with year-over-year growth in the balance of our North American business.”

New orders were $382.2 million in the third quarter — up 6 % from the same period last year.

Net sales decreased 4.1 % from the second quarter of the current fiscal year, while orders declined 19.7 % during the same period, the company said.

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