Welcome to JSA Consultancy Services

A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Herman Miller reports 2nd-Quarter Loss from Pension-Related Charges, despite Sales Growth

Thursday 19 December 2013

Herman Miller Inc.reported a fiscal second-quarter loss due to the results of charges related to its former U.S. defined-benefit pension plans and other items, despite improved revenue. The office-furniture company also unveiled a 12% increase in its quarterly dividend to 14 cents a share, up 1.5 cents a share. For the current fiscal quarter, the company forecast per-share earnings of 30 cents to 36 cents and sales of $445 million to $465 million. Analysts polled by Thomson Reuters recently forecast per-share profit of 39 cents and revenue of $461 million.
The company, which helped spawn the cubicle craze more than 40 years ago, has been introducing new designs as companies adapt workspaces to changing needs. Such office layouts feature lower walls between desks, or even no walls.
"We are very pleased with our operating results this quarter, particularly given declining federal government demand in the U.S. and mixed economic conditions in other markets around the world," Chief Executive Brian Walker said.
For the period ended Nov. 30, Herman Miller reported a loss of $80.6 million, or $1.37 a share, compared with a year-earlier profit of $8.4 million, or 14 cents a share. Excluding legacy pension impacts other items, adjusted earnings were up to 42 cents, from 35 cents a year ago. Revenue increased 6.5% to $470.5 million.
Herman Miller had projected adjusted per-share earnings of 38 cents to 42 cents on sales of $460 million to $475 million, below analysts' estimates at the time. New orders rose 5.7%, to $502.9 million, from a year earlier. Backlog declined 2%, to $307.9 million.

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.



moreLatest News

Friday 8 December 2017 Steelcase sales underperform expectations for third quarter

Preliminary figures show Steelcase Inc.’s sales dipped 2 percent from a year earlier for the most

Tuesday 7 November 2017 Kimball reports Q1 results and unveils acquisition of D’style Inc.

(NASDAQ:KBAL) announced the following results for the quarter ended September 30, 2017: First qua

Tuesday 31 October 2017 Broadstock Office Furniture wins major university contract

Macclesfield-based Broadstock Office Furniture has won a major contract to furnish the University of

Sunday 22 October 2017 Martela Corporation: Martela's Outlook for 2017


Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England

+44 (0) 20 7688 1928