Herman Miller Posts 10 Gain
HOLLAND — Herman Miller Inc. posted a 10 percent sales gain and more than doubled profits from a year ago during the first three months of its 2005 fiscal year.
Herman Miller on Wednesday afternoon reported first quarter sales of $357.3 million, up 10.1 percent from the $324.5 million in the same period a year ago.
Net income totaled $14.3 million, or 20 cents per share for the quarter that ended Aug. 28. That meets the expectations of Wall Street brokerage analysts and compares with net income of $6.2 million, or 8 cents per share, in the first quarter a year ago.
The period was the third consecutive quarter in which Herman Miller recorded year-to-year sales gains, indicating the office furniture industry’s rebound continues on track. Orders during the quarter were up 18 percent from a year earlier and backlogged orders increased 24.6 percent.
“Even though some of the macro-economic factors that drive our business are not improving as fast as anticipated, our industry still continued to make progress this quarter and appears poised for growth,” Chief Executive Officer Brian Walker said. “Our strategic intent is to grow faster than theindustry through our continued focus on innovation and market expansion.Coupled with our drive for continuous improvement and operational excellence, our strategy will result in superior value for our customers and shareholders. This quarter’s results are evidence of our ability to drive substantial improvements in profit on modest growth.”
For the present second quarter of FY2005, Herman Miller expects to record sales of $360 million to $380 million, which would represent a 9 percent to 15 percent increase over the $323.9 million recorded in the second quarter of FY2004. The company projects net income for the second quarter of 19 cents to 24 cents per share.
$323.9 million recorded in the second quarter of FY2004. The company projects net income for the second quarter of 19 cents to 24 cents per share.