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Herman Miller lifted by order momentum
Office furniture specialist Herman Miller Inc (NASDAQ:MLHR) rallied as orders saw a strong pick up in the third quarter.
A price increase in February distorted the numbers as it encouraged a rush of orders beforehand, but allowing for that Miller said net sales were 0.1% higher while orders rose by 4.8%.
Brian Walker, chief executive, said he was particularly pleased with the ‘marked improvement’ in the level and pacing of new orders in the North American Contract and Consumer business segments.
Both of these posted strong growth over the third quarter of last year, he added.
Even so, revenues in the three months to 4 March fell to US$525mln (US$537mln), while underlying earnings dropped by 6% to US$52.5mln.
Shares rose 7% to US$31.42.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175309/herman-miller-lifted-by-order-momentum-175309.html
