Herman Miller, Inc. (MLHR) Provides Ho-Hum Guidance for Q3, Q4 and FY15

Ahead of its participation at the Raymond James Institutional Investors Conference on Wednesday, Herman Miller, Inc. (NASDAQ: MLHR) said expects to report third quarter 2015 net sales between $513 million and $518 million, versus the consensus of $518.33 million. This estimated range, which is subject to final closing adjustments, represents an increase of 12.5% to 13.6% from the same quarter last fiscal year. The company expects to report new orders in the range of $497 million to $502 million in the third quarter, an increase of 7.1% to 8.2% from the prior year level.

"During the third quarter, we saw continued momentum in our Specialty and Consumer segments, both of which reported year-on-year growth in both sales and orders. We also continued to see organic growth from our ELA segment, adjusted for the significant headwind from the strengthening of the U.S. dollar against other major currencies." said Brian Walker, Chief Executive Officer. "However, the relative weakness in order pacing of our North American contract business that we reported last quarter continued in the third quarter. In addition to actions announced last quarter to increase selling capacity and accelerate the completion of new product introductions, we have taken further decisive steps to reinvigorate our North American sales leadership and increase our focus on closing deals, particularly in the area of small and medium-size projects."

Based on third quarter 2015 order trends, the company now expects net sales for the fourth quarter of fiscal 2015 to be in the range of $530 million to $560 million (consensus is $571.83 million) and full year net sales for fiscal 2015 to be in the range of $2.118 billion to $2.153 billion (consensus is $2.17 billion).

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