Herman Miller Inc. (MLHR) Wednesday reported a rise in profit for the third quarter, helped mainly by higher revenues. The company has also issued a fourth-quarter outlook which is currently in line with Street estimates.
Net income for the quarter increased to $16.5 million or $0.28 per share from $14.9 million or $0.26 per share in the comparable period last year.
Adjusted earnings for the period was $0.32 per share. On average, four analysts polled by Thomson Reuters expected the company to earn $0.28 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $423.5 million, up 5.9 percent from $399.8 million last year. Analysts expected revenues of $436.30 million.
Gross Margin improved to 34.1 percent from 33.6 percent last year.
Looking ahead to the fourth quarter, the company has forecast earnings in the range of $0.30 and $0.34. per share, with adjusted earnings ranging between $0.34 and $0.38 per share. Revenues are projected in a range of $430 million to $450 million.
Analysts, based on consensus, currently expect the company to report fourth-quarter earnings of $0.35 per share on revenues of $448.43 million.
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