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

Herman Miller Inc (NASDAQ:MLHR) rose in Wednesday’s extended trading 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 is for adjusted earnings of $0.72 on revenue of $654.85 million.

Shares of Herman Miller climbed 4.4% to $36.60 in Wednesday’s after-hours 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]

Story by ProactiveInvestors