UPDATE: Herman Miller FQ1 Profit Down 19%

Herman Miller

reported a 19% drop in its fiscal first-quarter profit. Herman Miller expects second-quarter adjusted earnings of $0.37 to $0.41 per share on revenue of $445 million to $465 million. However, analysts were expecting earnings of $0.42 per share on revenue of $473 million. Herman Miller's quarterly profit fell to $20 million, or $0.34 per share, from $24.6 million, or $0.42 per share, in the year-ago period. Excluding other items, Herman Miller earned $0.38 per share. Its net sales declined 1.8% to $449.7 million. The company in June expected earnings of $0.37 to $0.41 per share on revenue of $440 million to $460 million. Herman Miller's gross margin declined to 33.3% from 33.7%. Herman Miller shares dipped 7.19% to $18.85 in after-hours trading.