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Herman Miller Stock Skyrockets on Q1 Earnings Beat

MLHR stock was up about 8.2% on Wednesday

Herman Miller (NASDAQ:MHLR) stock was soaring late in the day on Wednesday as the company reported its latest quarterly earnings results, which were better than what the Wall Street consensus estimate was calling for.

Herman Miller Stock

The Zeeland, Mich.-based furniture manufacturer said that for its first quarter of fiscal 2019, it amassed strong earnings of $35.8 million. The figure tallied up to 60 cents per share, or 69 cents per share when adjusting for restructuring costs.

The figure was stronger than the 57 cents per share that Herman Miller brought in during the first quarter of fiscal 2018. Analysts were calling for the company to bring in adjusted earnings of 65 cents per share, according to data compiled by a survey conducted by Zacks Investment Research.

The company added that its revenue for the period came in at $624.6 million, which was also stronger than what Zacks was calling for by 0.45%. The figure was also ahead of Herman Miller’s revenue from its year-ago quarter, when it raked in revenue of $580.30 million.

The company said that for its second quarter, it forecasts adjusted earnings in the range of 70 cents to 74 cents per share. It also said that its revenue outlook is slated to be in the range of $635 million to $655 million for the period.

Analysts project Herman Miller to bring in revenue of $639.9 million for the period, according to Zacks.

MLHR stock was up about 8.2% after the bell on Wednesday following the company’s strong quarterly earnings showing. Shares were up about 0.5% during regular trading hours in anticipation of the company’s earnings showing.

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