Herman Miller 4th-Quarter Profit Up 97%

Jul 20, 2013 | Furniture Manufacturer | 0 comments

U.S. (Notifix).-Herman Miller Inc.’s fiscal fourth-quarter earnings rose 97% as the office-furniture company posted stronger than expected revenue growth. 

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Herman Miller has been focusing on international growth, especially in Asia and Latin America. However, the company has been under pressure in recent quarters from weakness in US Government and health-care markets as well as challenges in key economies abroad. Chief Financial Officer Greg Bylsma said Herman Miller “ended fiscal 2013 on a strong note, having achieved quarterly sales, earnings and cash flow generation at or near their highest levels in more than four years.”

For the quarter ended June 1, Herman Miller reported a profit of $23.4 million, up from $11.9 million, a year earlier. Revenue increased 9.3% to $460 million. At the company’s North American business, sales rose 8.9% to $311.5 million. In its much smaller business outside North America, sales increased 2.1% to $99.1 million. New orders were up 4% at $461.6 million from a year earlier. However, order backlog declined 1.3% to $274.4 million. 

 
 

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