Herman Miller Inc (NASDAQ:MLHR)
Herman Miller, Inc. (MLHR), a global provider of furnishings and related technologies and services company yesterday reported their fiscal fourth quarter 2017 financial results.
Herman reported fourth quarter net income of $33.4 million. Herman reported fourth quarter adjusted earnings of $0.64 per share. Herman reported fourth quarter revenues of $577.2 million.
Herman Miller, Inc. CEO’s Comments
Brian Walker, Chief Executive Officer, stated, “While order levels across our contract businesses remained mixed this quarter, we were pleased to see continued net sales and order acceleration within our Consumer business segment.
This growth reflects improved momentum in all areas of this segment and highlights the opportunity we see to leverage growth through our multi-channel business strategy. Better than expected gross margins and well-managed operating expenses combined to deliver adjusted earnings per share above the expectations that we provided at the start of the quarter and reflected adjusted earnings growth of 14% over the same quarter last year.
As a result of strong cash flow generation and a well-positioned balance sheet, the Board of Directors approved an increase in our quarterly dividend payout – an action that reflects the confidence of the Board and our leadership team in the power of our long-term strategy.” PR Newswire
MLHR Technical Analysis
MLHR opened trading yesterday at $30.55 which was exactly the same as the previous day’s trading close. MLHR closed trading yesterday at $30.85 and spiked up after market to $33.50, equivalent to a 9% increase from the closing price. Taking a look at the daily chart we can see the last time MLHR traded above these levels we have to go back to May 3rd when it traded at $33.57.
Taking a closer look at the daily chart we can see that before the spike up MLHR had been in an overall downward trend dating back to May 2nd when it traded at $33.82. MLHR has a float of 59.16 million shares and traded 3.50 times the normal daily trading volume on Wednesday.
For day trading purposes, I would like to see MLHR open trading on Thursday above $32.60 and if it does I would be looking to buy limit order at the bell. My stop loss would be $0.30 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. It provides modular systems under the Canvas Office Landscape, Locale, Metaform Portfolio, Public Office Landscape, Action Office, Layout Studio, Arras, Ethospace, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Sayl, Celle, Equa, and Ergon names; and storage products under the Meridian and Tu names.
The company also offers wooden casegoods under the Geiger name; freestanding furniture products under the Abak, Intent, Sense, and Envelop names; and healthcare products under the Palisade, Compass, Nala, and Nemschoff names, as well as provides Thrive portfolio of ergonomic solutions and textiles. In addition, it provides products for residential settings under the Eames, Nelson, Bubble, Airia, Ardea, Bumper, Burdick Group, Everywhere, Claw, Caper, Distil, Envelope, Formwork, Full Round, H Frame, I Beam, Landmark, Logic Mini, Logic Power Access Solutions, Renew, Rolled Arm, Scissor, Sled, Soft Pad, Swoop, Tone, Twist, Ward Bennett, and Wireframe names.
The company’s products are used in institutional environments, including offices and related conference, lobby, and lounge areas, as well as general public areas, such as transportation terminals; health/science environments comprising hospitals, clinics, and other healthcare facilities; industrial and educational settings; and residential and other environments. It markets its products through its sales staff, own dealer network, independent dealers and retailers, and independent contract office furniture dealers, as well as through e-commerce Website. Herman Miller, Inc. was founded in 1905 and is headquartered in Zeeland, Michigan.