Herman Miller, Inc. (NASDAQ: MLHR) shares rose after the company reported stronger-than-expected results for its fourth quarter
The company, based in Zeeland, Michigan, announced Tuesday that net sales in the quarter totaled $618.0 million, an increase of 7.1% from the same quarter last fiscal year. New orders in the fourth quarter of $620.8 million were 9.3% above the prior year level.
Herman Miller reported net earnings of $0.53 per share on a diluted basis in the fourth quarter compared to diluted earnings per share of $0.55 in the same quarter last fiscal year.
Excluding the impact of restructuring expenses and other special charges recognized in the period, adjusted earnings per share in the fourth quarter totaled $0.66 compared to adjusted earnings per share of $0.64 in the fourth quarter of last fiscal year.
For the full fiscal year, net sales were $2,381.2 million, reflecting a year-over-year increase of 4.5%. On an organic basis, net sales increased by 6.5% compared to last fiscal year. Diluted earnings per share for the full year totaled $2.12 compared to $2.05 last year.
On an adjusted basis, diluted earnings per share totaled $2.30 in fiscal 2018 compared to $2.16 in fiscal 2017.
The Company also announced an increase in its quarterly cash dividend to $0.1975 per share payable in October. This change represents an increase of 10% from the previous dividend payout of $0.18 per share.
Shares gained $3.65, or 10.6%, to $38.10
This article provided by NewsEdge.