Herman Miller (MLHR) Tops Q3 EPS by 7c

Herman Miller (NASDAQ: MLHR) reported Q3 EPS of $0.39, $0.07 better than the analyst estimate of $0.32. Revenue for the quarter came in at $524.9 million versus the consensus estimate of $530.5 million.

Brian Walker, Chief Executive Officer, stated ""While 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."

Mr. Walker continued, ""The 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."

For earnings history and earnings-related data on Herman Miller (MLHR) click here.

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