Herman Miller Soars On Q1 Earnings Beat

Herman Miller, Inc. MLHR shares are soaring after reporting a first-quarter earnings beat.

Adjusted earnings came in at 84 cents per share, beating estimates by 6 cents. Sales came in at $670.9 million, beating estimates by $9.1 million.

The company also issued strong 2020 earnings and sales guidance above estimates.

"Strong sales and order growth for the quarter were led by our North America and Retail businesses," said CEO Andi Owen. "Consolidated sales growth, higher gross margins and well-managed operating expenses combined to drive operating margin expansion over the same quarter last year. While there are clear opportunities for additional improvement, the enterprise at large is executing at a very high level, and we are beginning to realize meaningful benefit from our efforts to align the direction of the global business around a common set of strategic priorities."

Highlights

• Sales and order growth of 7% year-over-year
• EPS increased 35%
• Operating margin expansion of 160-basis points

Herman Miller shares traded higher by 7.2% in Wednesday's after-hours session. The stock closed at $44.47 per share.