On Dec. 18, 2019, Herman Miller (NASDAQ:MLHR) declared results for its second quarter ended November 30, 2019. Net sales in the quarter totaled $674.2 million, an increase of 3.3% from the same quarter last fiscal year. New orders in the second quarter of $674.9 million were 4.2% below the prior year level.
Herman Miller reported net earnings of $1.32 per share on a diluted basis in the second quarter compared to diluted earnings per share of $0.66 in the same quarter last fiscal year. Other income in the current quarter reflected a pre-tax gain of $30.5 million related to the purchase accounting treatment of the initial equity-method investment in U.K.-based naughtone. The Company acquired the remaining shares of naughtone during the second quarter, and as a result was required to mark the value of the initial investment to fair value, resulting in a non-taxable gain. Excluding restructuring expenses, other special charges, and the naughtone investment gain, adjusted earnings per share in the second quarter totaled $0.88 compared to adjusted earnings per share of $0.75 in the second quarter of last fiscal year.
Andi Owen, President and Chief Executive Officer, stated, In the face of an uncertain global economic and geopolitical environment, we delivered adjusted earnings per share at the upper end of the guidance range that we established at the start of the quarter. Second quarter sales were impacted by lower than anticipated order levels, which reflected the uneven demand patterns we’re seeing across the broader industry and the natural variability in a project-driven business. Order rate declines during the quarter were amplified by a particularly challenging growth comparison in our prior year second quarter, which reflected consolidated organic order growth of 10%. While these factors also impact our organic sales growth guidance for the upcoming quarter, we are seeing positive signs as we look further ahead, both in our own project activity levels and in broader demand indicators such as job growth, unemployment levels, and consumer spending. Going forward, we are also excited about our additional investments in HAY and naughtone that give us majority ownership of these fast-growing design brands. With our collection of leading brands, a global multi-channel distribution capability and a clear set of strategic priorities, we remain well-positioned to drive sustainable long-term growth.
On Wednesday Herman Miller (NASDAQ:MLHR) traded with change of 4.8% on volume of 1274901 shares in the last session as compared to average volume of 327443 shares. During last trade its minimum price was $47.5 and it gained highest price of $49.87. MLHR has total market capitalization of $2937545019. Its closing value stands at $49.74.