Herman Miller (MLHR) Tops Q3 EPS by 5c, Revenues Miss; Will not Provide 4Q Guidance due to COVID-19

Herman Miller (NASDAQ: MLHR) reported Q3 EPS of $0.74, $0.05 better than the analyst estimate of $0.69. Revenue for the quarter came in at $665.7 million versus the consensus estimate of $679.45 million.

Andi Owen, President and Chief Executive Officer, stated, "Despite the uncertain global economic environment resulting from coronavirus concerns, we delivered adjusted earnings per share that exceeded the expectations that we established at the start of the quarter. While we experienced uneven demand patterns for sales and orders during the quarter, we focused our attention on what we could control - with our first priority to ensure the health and safety of our associates around the globe. We also remained focused on controlling expenses and achieving the savings target we previously set in connection with our profit optimization initiative. Supported by these efforts, we delivered adjusted operating margin expansion in the quarter of 110 basis points over last year. While we cannot determine the precise impact of the coronavirus outbreak on our third quarter results, we do know that the temporary closure of our China facility reduced International sales by approximately $6 million. Given the rapidly changing environment surrounding coronavirus, we are refraining from providing guidance for the upcoming fourth quarter. While this is clearly a time of near-term uncertainty, we remain confident the progress that we are making on our strategic priorities positions us for continued long-term profitable growth."

Fourth Quarter Fiscal 2020 Guidance

The outbreak of coronavirus has created a high degree of uncertainty throughout the global economy. Due to this uncertainty, and the rapidly changing effects of risk mitigation efforts to control the outbreak around the world, we are not able to reasonably estimate the impact of the outbreak on our business or financial results in the near-term. Accordingly, we are not following our typical practice of issuing guidance for the upcoming quarter.

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

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