Herman Miller Profit Misses Estimate, Q3 Outlook Weak; Stock Down 5%

(RTTNews) - Herman Miller Inc (MLHR), a maker of office furniture systems and seating products, Wednesday reported second-quarter net earnings of $27.8 million or $0.46 per share, compared with a loss of $80.6 million or $1.37 per share last year.

Excluding items, adjusted earnings for the quarter were $0.51 per share, compared with earnings of $0.42 per share a year ago.

Revenues for the quarter were up 20% at $565.4 million, compared with $470.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.52 per share on revenues of $562.6 million for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company expects earnings of $0.33 to $0.37 per share on revenues of $510 million to $530 million. Analysts expect earnings of $0.44 per share on revenues of $540.3 million.

For the full year, Herman Miller expects adjusted earnings of $1.80 to $1.88 per share on sales of $2.15 billion to $2.19 billion. Analysts expect earnings of $1.96 per share on revenues of $2.18 billion.