U.S. equities were slipping Wednesday as the U.S. Federal Reserve raised interest rates, marking the sixth interest-rate raise since the end of 2015. The S&P 500 Index and Dow Jones Industrial Average fell 0.2% apiece, while the Nasdaq Composite declined 0.3% Wednesday.
Herman Miller, Inc. (NASDAQ:MLHR), Pangaea Logistics Solutions Ltd (NASDAQ:PANL) and QAD Inc. (NASDAQ:QADA) all reported their quarterly earnings results after hours Wednesday.
Here’s how they did:
Herman Miller, Inc. (MLHR)
Herman Miller reported its latest quarterly earnings results late yesterday.
The company said that its third-quarter net sales came in at $578.4 million, marking a 10.2% gain year-over-year. The figure also topped analysts’ expectations of revenue of $573.3 million.
Herman Miller’s new orders in the period were $563.2 million, a 3.7% increase compared to the year-ago quarter. The company posted net earnings of 49 cents per share on a diluted basis, compared to diluted earnings per share of 37 cents.
Excluding the recent changes from the U.S. tax code, adjusted earnings came in at 50 cents per share, 11 cents higher than in the year-ago period. The figure was a penny above analysts’ projections.
Herman Miller is calling four net sales in the fourth quarter of fiscal 2018 to be in the range of $590 million to $610 million.
MLHR stock fell more than 2.7% after the bell Wednesday.
Pangaea Logistics Solutions Ltd (PANL)
Pangaea Logistics Solutions also posted an earnings beat in its latest quarter.
During its fourth quarter, the company unveiled adjusted earnings of 9 cents per share, a penny below Wall Street’s consensus estimate of 10 cents per share. Total shipping days increased to 5,036, a 28% gain compared to the year-ago quarter of 3,654.
Pangaea Logistics Solutions’ revenue for the period came in at $102.2 million, marking a 54% gain compared to the $66.3 million it brought in during the year-ago quarter. Analysts were calling for revenue of $96.8 million.
The company operated an average of 55 vessels during the fourth quarter, topping its year-ago total of an average of 40 vessels.
PANL stock gained 3.5% after the bell.
QAD Inc. Class A (QADA)
QAD had a strong quarter as well.
The company said that its fourth-quarter total revenue came in at $80.8 million, marking a 10% increase from the $73.3 million it raked in during the year-ago quarter. Its subscription revenue for the period rose 34%, making up 24% of total revenue.
Analysts were calling for QAD to bring in revenue of $78.9 million. Subscription revenue for the period grew to $19.7 million from the year-ago total of $14.7 million, while adjusted earnings came in at a loss of 28 cents per share, narrower than the year-ago loss of 82 cents per share.
For its first quarter of fiscal 2018, the company predicts total revenue of $80 million, including $20.5 million to $21 million in subscription revenue. Adjusted earnings are slated to be around $2 million before taxes.
QADA stock gained a fraction of a percentage after hours.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
