Miller Scores Big Quarter
ZEELAND — Profitability at Herman Miller Inc. continues to skyrocket, as the fast-growing furniture maker last week reported a 33.3 percent increase in net earnings for the third quarter ending March 4 over the year-ago period.
A jump of $22.4 million from $16.8 million, the bottom-line gain was joined by double digit growth in sales (10.9 percent), orders (16.6 percent) and backlog (11.9 percent). Sales grew to $424 million.
The company's ending cash balance buoyed to $106.9 million. Gross margins improved 12.2 percent to 32.5 percent.
In the coming quarter, the company is looking forward to several new product launches, said CFO Elizabeth Nickels. At June's NeoCon, Herman Miller will showcase two new systems product solutions, a new executive chair from Geiger, and both new and reissued designs from Herman Miller for the Home.
The company projected sales for the fourth quarter to be in a range of $430 million to $450 million, representing a 6 percent to 10 percent increase.