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Herman Miller announces 3rd quarter results to 1 March 2014 - Broad-Based Order Growth

Thursday 20 March 2014

Herman Miller, Inc. today announced results for its 3rd quarter ended March 1, 2014. Net sales in the quarter totalled $455.9 million, an increase of 7.7% from the same quarter last fiscal year. New orders in the third quarter of $464.0 million were 21.4% above the prior year level, reflecting broad-based growth across each of the company's major business units and geographic regions.
The company estimates its most recent price increase, which became effective on February 3, 2014, had the effect of accelerating approximately $22 million of orders that would have otherwise been entered in the fourth quarter of fiscal 2014. On an organic basis, which adjusts for this order acceleration as well as acquisitions, divestitures, and foreign currency translation, sales and orders in the third quarter increased 4.2% and 11.1%, respectively, from the same quarter last fiscal year.
Herman Miller reported net earnings of $0.33 per share on a diluted basis in the third quarter. This compares to diluted earnings per share of $0.28 in the same quarter last fiscal year. Excluding restructuring expenses of $1.1 million recognized in the current period, adjusted diluted earnings per share in the third quarter totaled $0.34. This compares to adjusted earnings of $0.32 per share in the third quarter of fiscal 2013.
Brian Walker, Chief Executive Officer, stated, "The clear highlight in our results this quarter is the strong order growth across each of our business segments. Particularly encouraging is the fact that this improvement extended into areas that for some time have been headwinds to growth, including the U.S. federal government and key markets within EMEA and Asia. While it's too early to call these improvements sustainable, they certainly increase our optimism. In short, the business fired on all cylinders this quarter, and although uncertainty remains in the global economic and political picture, we feel good about our momentum and direction.”

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