Herman Miller Q3 Profit Beats Street View; Shares Up 5%

(RTTNews) - Herman Miller Inc. (MLHR) Wednesday said its third-quarter profit rose from last year driven largely by 7% growth in revenues. The company detailed a strong outlook for the fourth quarter. Shares of the company gained 5% in extended trading session.

Herman Miller's third-quarter profit rose to $39.2 million or $0.66 per share from $29.8 million or $0.49 per share last year.

On an adjusted basis, earnings for the quarter rose to $0.64 per share from $0.50 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter.

The company's revenue for the quarter rose 7% to $619.0 million from $578.4 million last year. Analysts had a consensus revenue estimate of $623.35 million for the quarter.

New orders in the third quarter of $610.7 million were 8.4% above the prior year level.

CEO Andi Owen said, "Broad-based order growth for the quarter was led by our International and Consumer businesses, highlighting the power of our family of brands to drive growth through both our global dealer network and consumer channels."

Looking forward to the fourth quarter, Herman Miller expects adjusted earnings of $0.76 to $0.80 per share and sales of $645 million to $665 million. Analysts currently estimate earnings of $0.72 per share and revenues of $654.85 million.

MLHR closed Wednesday's trading at $35.06, down $0.87 or 2.42%, on the Nasdaq. The stock, however, gained $1.74 or 4.96% in the after-hours trading.