Herman Miller – MLHR – Announced results for its fourth quarter
Herman Miller, Inc. (NASDAQ: MLHR), announced results for its fourth quarter ended June 2, 2012. The company reported net sales in the quarter of $420.7 million; a decrease of 4.7% from the fourth quarter of fiscal 2011. New orders in the fourth quarter, which totaled $443.8 million, were down 1.0% on a year-over-year basis. The results in the prior year fourth quarter include sales and order activity associated with dealerships the company has since sold. Excluding the impact of dealer de-consolidations, net sales decreased 1.2% and orders increased 2.5% in the fourth quarter of fiscal 2012. On a sequential quarter basis, net sales and orders in the fourth quarter increased 5.2% and 23.1%, respectively, from the third quarter level.
MLHR reported fourth quarter diluted earnings per share of $0.20. This compares to $0.30 per share reported in the same period of fiscal 2011. Adjusted diluted earnings per share, which excludes the impact of restructuring and impairment expenses recorded in the period, totaled $0.28 in the fourth quarter of fiscal 2012 compared to $0.30 in the prior year.
The results in the fourth quarter and full fiscal year reflect effective income tax rates of 53.4% and 37.1%, respectively. By comparison, Herman Miller’s fourth quarter and full year effective tax rates in fiscal year 2011 were 36.4% and 30.9%, respectively. A lower than anticipated manufacturing deduction, expenses associated with contingent purchase consideration, and other adjustments required to reconcile income tax expense with the tax return of a foreign subsidiary all contributed to a higher than expected rate in the fourth quarter of fiscal 2012. Despite the income tax adjustments recorded in the fourth quarter, the company’s longer-term effective rate expectation remains between 33% and 35%.
For the full fiscal year, net sales were $1,724.1 million, reflecting a year-over-year increase of 4.5%. Diluted earnings per share in fiscal 2012 and 2011 were $1.29 and $1.06, respectively. By comparison, diluted earnings per share, adjusted to exclude restructuring and impairment expenses, were $1.37 and $1.09 in fiscal 2012 and 2011, respectively.
About Herman Miller MLHR
Herman Miller (MLHR) works for a better world around you—with inventive designs, technologies and related services that improve the human experience wherever people work, heal, learn, and live. Its curiosity, ingenuity, and design excellence create award-winning products and services, resulting in more than $1.7 billion in revenue in fiscal 2012. Innovative business practices and a commitment to social responsibility have also established MLHR as a recognized global company. A past recipient of the Smithsonian Institution’s Cooper-Hewitt “National Design Award,” in 2011, MLHR again received the Human Rights Campaign Foundation’s top rating in its annual Corporate Equality Index and was also named, for the eighth consecutive year, to the Dow Jones Sustainability World Index. MLHR trades on the NASDAQ Global Select Market.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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