Herman Miller Q1 Profit Meets Estimate; Sees Q2 Profit Above Consensus

(RTTNews) - Herman Miller, Inc. (MLHR) reported net earnings of $25.2 million or $0.42 per share for the first quarter, compared to 22.5 million or$0.38 per share for the year-ago quarter.

Excluding items, adjusted earnings per share in the first quarter totaled $0.47, compared to $0.43 per share in the prior year quarter.

Net sales for the first quarter rose 8.9% to $509.7 million from $468.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.47 per share on revenue of $505.27 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, Herman Miller expects net sales of $550 million to $570 million, earnings of $0.46 to $0.50 per share and adjusted earnings of $0.50 to $0.54 per share. Analysts currently expect the company to earn $0.49 per share on revenue of $542.20 million for the second quarter.