Slow Start for Henry Miller
Herman Miller Inc. reported that as of this year’s fiscal quarter, their shares have declined below analyst estimates and are guided for first-quarter profit below expectations. Shares fell $3.01, or 8.6 percent, to $31.96 in heavy afternoon trading. The shares have ranged from $25.77 to $40.79 over the past year.
Analyst Thompson Financial polled that the office furniture designer and manufacturer beat expectations for profit per share, but revenue of $485.3 million was below the $497.5 million. Herman Miller also guided for fiscal first-quarter profit between 47 cents per share and 53 cents per share, compared to analyst consensus of 57 cents per share.
Bank analyst Christopher Agnew of Goldman Sachs said that Herman Miller utilized foreign tax credits and share buybacks to offset their weak fourth-quarter revenue. “Herman Miller continues to face manufacturing challenges and higher-than-expected start-up costs which first appeared last quarter,” wrote Agnew.
Although sales in the United States weakened, the company still maintained strength in its international division while the backlog remains robust.
About Herman Miller Inc.
Herman Miller began in 1923 as a manufacturer of traditional residential furniture, became a leader in “modern” furniture in the 1930s and 1940s and developed lasting ties through the 1950s with legendary industrial designers who led the company in new directions.
They transformed the office furniture industry with the first panel system in the 1960s and invented and refined ergonomic work seating in the 1970s, 1980s, and 1990s. The geometry of systems furniture was also redesigned in 2000 made Henry Miller today the second largest office furniture company with customers and locations around the world with operations, sales offices, dealers, and licensees in more than 40 countries in North America, Asia/Pacific, Europe, Middle East, Africa, and Latin America.
Herman Miller is consistently recognized as one of Fortune Magazine’s “Most Admired Companies”, having placed at the top of the list for Furniture companies for the past 18 consecutive years.
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