Herman Miller Q2 Profit Up, Shares Up 8%

(RTTNews) - Herman Miller Inc. (MLHR) Wednesday said its second-quarter profit rose from last year driven largely higher-than-expected revenue growth. Shares of the company gained 8% in extended trading session.

Herman Miller's second-quarter profit rose to $39.3 million or $0.66 per share from $33.5 million or $0.55 per share last year.

On an adjusted basis, earnings for the quarter rose to $0.75 per share from $0.57 per share last year.

The company's revenue for the quarter rose 7.9% to $652.6 million from $604.6 million last year. Analysts polled by Thomson Reuters had a consensus revenue estimate of $645.67 million for the quarter.

New orders in the second quarter of $702.6 million were 11.6% above the prior year level.

CEO Andi Owen said, "Strong demand was a clear highlight of our results as we finished the quarter setting all-time records for quarterly net sales and order levels for our Company. Encouragingly, this growth was broad-based across our business segments."

Looking forward to the third quarter, Herman Miller expects adjusted earnings of $0.59 to $0.63 per share and sales of $615 million to $630 million.

MLHR closed Wednesday's trading at $30.27, down $0.44 or 1.43%, on the Nasdaq. The stock, however, gained $2.39 or 7.90% in the after-hours trading.