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Office furniture supplier Herman Miller climbs after better-than-expected fiscal 4Q outlook

The company projected adjusted earnings of $0.76 to $0.80 per diluted share on revenue in a range of $645 million to $665 million

An office chair
The third quarter ended with cash and cash equivalents of $113.5 million

Herman Miller Inc (NASDAQ:MLHR) rose Thursday a day after delivering a better-than-expected outlook for its fourth quarter.

The office furniture supplier projected adjusted earnings of $0.76 to $0.80 per diluted share on revenue in the range of $645 million to $665 million. The average forecast of analysts was for adjusted earnings of $0.72 on revenue of $654.85 million.

Shares of Herman Miller climbed 5.7% to $37.06 in Thursday's pre-market Nasdaq trading.

READ: Herman Miller shares boost after earnings beat Street

“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,” CEO Andi Owen said in a statement.

For the third quarter ended March 2, the office furniture supplier posted adjusted earnings of $0.64 per diluted share on net sales of $619 million, up 7% from a year earlier. The average forecast of analysts was for earnings of $0.60 on revenue of $623.35 million.

The company ended the third quarter with total cash and cash equivalents of $113.5 million. Cash flow generated from operations was $39.1 million in the current quarter, compared with $29.2 million a year earlier.

Contact Dennis Fitzgerald at [email protected]

Quick facts: Herman Miller Inc

Price: 23.45 USD

NASDAQ:MLHR
Market: NASDAQ
Market Cap: $1.38 billion
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