{"id":18295,"date":"2017-03-26T11:02:24","date_gmt":"2017-03-26T11:02:24","guid":{"rendered":"http:\/\/officenieuws.com\/?p=18295\/"},"modified":"2017-03-26T11:09:47","modified_gmt":"2017-03-26T11:09:47","slug":"herman-miller-reports-third-quarter-fiscal-2017-results","status":"publish","type":"post","link":"https:\/\/officerepublic.news\/en\/2017\/03\/herman-miller-reports-third-quarter-fiscal-2017-results\/","title":{"rendered":"Herman Miller Reports Third Quarter Fiscal 2017 Results"},"content":{"rendered":"

Herman Miller, Inc. \u00a0thursday announced results for its third quarter ended March\u00a04, 2017.\u00a0 Net sales in the quarter totaled $524.9 million, a decrease of 2.2% from the same quarter last fiscal year. New orders in the third quarter of $543.2 million were 6.8% above the prior year level.<\/strong><\/p>\n

The company estimates its most recent price increase, which became effective on February 6, 2017, had the effect of accelerating approximately $21 million of orders that would have otherwise been entered in the fourth quarter of fiscal 2017. On an organic basis, which adjusts for this order acceleration as well as foreign currency translation and dealer divestitures, net sales in the third quarter increased by 0.1% and orders increased by 4.8% from the same quarter last fiscal year.<\/p>\n

Herman Miller reported net earnings of $0.37 per share on a diluted basis in the third quarter compared to diluted earnings per share of $0.46 in the same quarter last fiscal year. Excluding the impact of certain restructuring charges and a gain from a dealer divestiture recognized in the period, adjusted earnings per share in the third quarter totaled $0.39.<\/p>\n

Herman Miller Net earnings above expectation<\/h4>\n

Brian Walker, Chief Executive Officer, stated \u201cWhile demand patterns across our business remained mixed this quarter, we were particularly pleased to see a marked improvement in the level and pacing of new orders within our North American Contract and Consumer business segments, both of which posted strong growth over the third quarter of last year. Net sales and gross margins for the quarter were within the range we anticipated coming into the period, and our teams did an outstanding job controlling operating expenses. The combination of these factors helped drive net earnings above the expectations we established back in December.<\/em>\u201d<\/p>\n

Mr. Walker continued, \u201cThe organization is in the early phases of executing on our plan to reduce operating costs, with a target of achieving between $25 million and $35 million of annual savings over the next three fiscal years. These savings will be used to fund future growth initiatives, offset expected inflationary pressures, and improve operating leverage. We still have a lot of work to do, but our results this quarter give us confidence we have the right talent and organizational focus to achieve these objectives.\u201d<\/em><\/p>\n

See also Herman Miller website for more information<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Herman Miller, Inc. \u00a0thursday announced results for its third quarter ended March\u00a04, 2017.\u00a0 Net sales in the quarter totaled $524.9 million, a decrease of 2.2% from the same quarter last fiscal year. New orders in the third quarter of $543.2 million were 6.8% above the prior year level. The company estimates its most recent price…<\/p>\n","protected":false},"author":6,"featured_media":17897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[3133,3091,3115],"tags":[4141],"jetpack_publicize_connections":[],"acf":{"app_titel":"","app_article":""},"yoast_head":"\nHerman Miller Reports Third Quarter Fiscal 2017 Results | OfficeRepublic<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/officerepublic.news\/en\/2017\/03\/herman-miller-reports-third-quarter-fiscal-2017-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Herman Miller Reports Third Quarter Fiscal 2017 Results | OfficeRepublic\" \/>\n<meta property=\"og:description\" content=\"Herman Miller, Inc. \u00a0thursday announced results for its third quarter ended March\u00a04, 2017.\u00a0 Net sales in the quarter totaled $524.9 million, a decrease of 2.2% from the same quarter last fiscal year. 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