Herman Miller (NASDAQ:MLHR) shares were soaring as the company reported its latest quarterly earnings late Monday, topping analysts’ expectations on the earnings and revenue front.
The Michigan-based furniture maker posted its fourth quarter results of its fiscal 2018 after hours yesterday, unveiling net income of $32.2 million, amounting to roughly 53 cents per share. The company’s net income was slightly below its year-ago total of $33.5 million, or 55 cents per share.
On an adjusted basis, Herman Miller reported earnings of 66 cents per share, which was stronger than the 58 cents per share that analysts were calling for in their consensus estimate, according to data compiled by a FactSet survey. Revenue was a strong point too as the furniture manufacturer brought in sales of $618 million, ahead of the $577.2 million it amassed during the year-ago quarter.
The Wall Street consensus estimate was calling for revenue of $601.3 million, according to data compiled by FactSet. For its fiscal first quarter of 2019, Herman Miller projects that it will bring in adjusted earnings in the range of 63 cents to 67 cents per share.
Analysts are calling for fiscal first-quarter earnings of 65 cents per share, according to FactSet. The company sees its revenue as being in the range of $610 million to $630 million, ahead of the Wall Street guidance of $611.5 million.
MLHR stock was up about 10.6% during regular trading hours Tuesday following the news and the stock dipped just over 0.1% after the bell.