Herman Miller Q1 net sales were $468.1 millionStaff writer ▼ |
New orders in the first quarter were $471.2 million, 4.2% higher than the prior year period. Sequentially, net sales in the quarter increased 1.8% from the fourth quarter of fiscal 2013, while orders improved 2.1% over the same period.
Operating earnings in the first quarter were 8.4% of net sales, an improvement from 7.6% a year ago. The company's earnings in the quarter were reduced by costs associated with the previously announced strategy to terminate its domestic defined benefit pension plans.
The results were also negatively impacted by non-recurring amortization of costs capitalized in inventory as part of the acquisition of Maharam. Excluding these expenses, adjusted operating earnings in the first quarter were 9.3% of net sales, the highest level achieved by the company in almost 5 years.
Herman Miller reported first quarter diluted earnings per share of $0.38, compared to $0.34 per share in the same period of fiscal 2013. Excluding the impact of legacy pension and the Maharam inventory amortization, adjusted diluted earnings per share in the first quarter totaled $0.43. This compares to adjusted earnings of $0.37 per share in the first quarter of last fiscal year. ■