Acquisition helps lift Herman Miller 1Q profit

Herman Miller's 1st-quarter profit grows 12.5 percent, tops Wall Street expectations

Associated Press

ZEELAND, Mich. (AP) -- Herman Miller Inc. said Wednesday that its fiscal first-quarter profit increased 12.5 percent, helped by a recent acquisition.

The company, based in Zeeland, Mich., acquired textile company Maharam earlier this year. It also said sales in North America were better than it expected, even as orders from the U.S. federal government dropped.

Herman Miller reported after the market closed that it earned $22.5 million, or 38 cents per share, for the quarter that ended Aug. 31. This is up from $20 million, or 34 cents per share, earned in the first quarter last year.

Excluding one-time items, earnings grew to 43 cents from 37 cents per share.

Revenue increased 4 percent, to $468.1 million from $449.7 million.

Analysts polled by FactSet, on average, were anticipating adjusted earnings of 38 cents per share on revenue of $465.1 million.

Herman Miller said it expects to post a loss for the current quarter of $1.39 to $1.43 per share due to costs tied to the termination of pension benefits. Excluding that, it expects to earn between 38 and 42 cents per share; analysts had forecast 45 cents per share.

The company forecast revenue in the range of $460 million to $475 million; analysts were anticipating $489.7 million.

View Comments