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Herman Miller Inc. Up After Hours On Upside Outlook Surprise

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Herman Miller Inc. (NASDAQ: MLHR) shares ticked up in the extended session Wednesday after the company beat the fiscal first-quarter revenue consensus and offered a better-than-expected outlook.

The Zeeland, Michigan, furniture maker predicted second-quarter adjusted earnings of $0.50 to $0.54 a share, on sales of $550 million to $570 million.

Wall Street expects second-quarter earnings of $0.49 cents a share on sales of $542.2 million.

For the recent first quarter, net earnings grew 12 percent to $25.2 million, or $0.42 a share, from $22.5 million, or $0.38 a share a year earlier. Sales grew 8.9 percent to $509.7 million, from $468 million in the year-ago quarter.

Excluding acquisition-related items, first-quarter adjusted profits equaled $0.47 a share, compared with $0.42 a year earlier.

Analysts expected first-quarter earnings of $0.47 a share on sales of $505.3 million.

First-quarter consolidated gross margin totaled 36.4 percent, nearly unchanged from 36.3 percent reported in the same quarter last year.

In after-hours trading recently, Herman Miller changed hands at $31.44 a share, up nearly 2 percent.

 

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Posted-In: Earnings News Guidance After-Hours Center

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