Herman Miller Inc. (MLHR) reported that its first-quarter net earnings declined to $20.0 million or $0.34 per share, from $24.6 million or $0.42 per share in the same quarter last year.
The company's earnings for the latest-quarter were reduced by expenses associated with previously announced restructuring actions as well as non-cash charges associated with the strategy to close and terminate its domestic defined benefit pension plans.
Excluding the impact of these items, adjusted earnings per share in the first quarter of fiscal 2013 were $0.38. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $449.7 million from $458.1 million in the prior year quarter. Three analysts had consensus revenue estimate of $455.13 million for the quarter.
Looking forward, the company expects net sales in the second quarter of fiscal 2013 to be in the range of $445 million to $465 million. Earnings per share in the period are expected to range between $0.17 and $0.21. The earnings guidance reflects the impact of non-cash pension settlement and amortization expenses, which are expected to total between $15 million and $20 million, before tax, in the second quarter. It also includes an estimated $1 million in pre-tax restructuring expenses. Excluding the impact of these pension and restructuring items, adjusted earnings per share in the quarter are expected to range between $0.37 and $0.41.
Analysts expect the company to report earnings of $0.42 per share on revenues of $472.83 million for the second-quarter.
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