Herman Miller (MLHR) Tops Q3 EPS by 1c, Beats on Revenues; Offers 4Q18 EPS/Revenues Guidance Below Consensus

Note: EPS may not be comparable

Herman Miller (NASDAQ: MLHR) reported Q3 EPS of $0.50, $0.01 better than the analyst estimate of $0.49. Revenue for the quarter came in at $578.4 million versus the consensus estimate of $573.3 million.

Fourth Quarter Fiscal 2018 Guidance

Looking forward, Herman Miller expects net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million. On an organic basis, adjusted for the impact of dealer divestitures and foreign currency translation, this forecast implies sales growth of 4% compared to the fourth quarter of the prior year at the mid-point of the range.

On a GAAP basis, diluted earnings per share for the fourth quarter of fiscal 2018 is expected to range between $0.49 to $0.53. The Company expects adjusted diluted earnings per share to range between $0.56 to $0.60. Adjusted earnings per share excludes an estimated $6 million to $7 million of pre-tax restructuring and other charges expected in the fourth quarter of fiscal 2018.

This earnings per share guidance reflects an anticipated effective tax rate of 23% to 25% for the fourth quarter of fiscal 2018. Looking ahead, we expect our full year tax rate in fiscal 2019 to be 21% to 23%, which reflects a full year of the lower U.S. federal tax rate, anticipated mix of domestic and foreign earnings and the impact of state income taxes.

GUIDANCE:

Herman Miller sees Q4 2018 EPS of $0.56-$0.60, versus the consensus of $0.70. Herman Miller sees Q4 2018 revenue of $590-610 million, versus the consensus of $612.8 million.

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

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