Herman Miller Inc. Up After Hours On Upside Outlook Surprise

Herman Miller Inc.

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.