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Herman Miller Falls 5% After Earnings Release, Outlook Disappoints

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Herman Miller, Inc. (NASDAQ: MLHR) announced results Wednesday for its second quarter ended November 29, 2014. Net sales in the quarter totaled $565.4 million, above estimates of $562.57 million and an increase of 20.2 percent from the same quarter last fiscal year.

Adjusted diluted earnings per share in the second quarter totaled $0.51, below estimates of $0.52. This compares to adjusted diluted earnings of $0.42 per share in the second quarter of fiscal 2014. Adjusted EPS increased 21.4 percent from the same quarter of fiscal year 2014.

Brian Walker, Chief Executive Officer, stated, "This quarter we delivered solid sales and adjusted earnings growth in virtually all of our segments. Gross margin improvement was once again an important component of our earnings growth, supported by higher volumes and reflecting our continuing drive for improved product and channel mix. With our first full quarter of DWR results reflected in our Consumer business, we are also encouraged by the significant progress on integration activities related to this important strategic investment."

Herman Miller expected net sales in the third quarter of fiscal 2015 to be in the range of $510 million to $530 million, below estimates of $540.30 million. Diluted EPS in the quarter are expected to range between $0.33 and $0.37.

On a full year basis, Herman Miller expects net sales for fiscal 2015 to be in the range of $2.145 billion to $2.185 billion.

On an adjusted basis, full year diluted EPS are expected to range between $1.80 and $1.88, below estimates of $1.96.

Herman Miller traded at $29.50 in the after-hours session, down 5.14 percent.

 

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Posted-In: Earnings News Guidance After-Hours Center

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