Herman Miller Q1 Profit Rises

(RTTNews) - Office furniture maker Herman Miller Inc. (MLHR), Wednesday reported first-quarter net earnings of $22.5 million or $0.38 per share, up from $20.0 million or $0.34 per share last year.

Adjusted earnings for the quarter improved to $0.43 per share from $0.37 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude special items.

Net Sales for the quarter grew 4.1 percent to $468.1 million from $449.7 million last year. Analysts estimated revenues of $465.43 million for the quarter.

Looking forward to the second quarter, Herman Miller expects to report a net loss of $1.43 to $1.39 per share, adjusted earnings of $0.38 to $0.42 per share and net sales of $460 million to $475 million.

Analysts currently estimate earnings of $0.46 per share on revenues of $492.9 million for the quarter.