Wednesday, furniture company Herman Miller, Inc. (MLHR) reported a sharp decline in profit for the second-quarter, compared to the year-ago on lower revenues.
Herman Miller's second-quarter profit decreased to $9.6 million or $0.17 per share from $32.6 million or $0.60 per share in the year-ago period. Excluding restructuring charges, adjusted earnings per share were $0.20 for the quarter. Analysts polled by Thomson Reuters expected second-quarter earnings of $0.20 per share. Analysts' estimates typically exclude one-time items.
Net sales declined 27.9% to $343.7 million from $476.6 million in the prior-year period; higher than analysts' revenue expectations of $334.47 million.
Segment-wise, sales of the company's North American business segment totaled $283.0 million, representing a decrease of 27.3% from the year-earlier quarter, while its non-North American business segment sales totaled $49.0 million, a 32.4% decrease from prior-year quarter. Foreign exchange currency rates had a negative impact of approximately $0.5 million on second-quarter sales compared to the year-ago.
Gross margin was 32.2%; a 40 basis points decrease from the same quarter last year due to comparatively lower sales volume; partially offset by lower commodity costs for steel and aluminum components and cost savings measures with restructuring efforts.
For the six-month period, Herman Miller's profit fell to $18.0 million or $0.31 per share from $66.0 million or $1.20 per share. Revenue declined to $667.7 million from $955.7 million.
MHLR closed Wednesday's regular trading session at $16.78, down $0.01 or 0.06% on the Nasdaq.
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