Herman Miller (MLHR) Tops Q2 EPS by 4c; Guides Relatively In-Line

Herman Miller (NASDAQ: MLHR) reported Q2 EPS of $0.57, $0.04 better than the analyst estimate of $0.53. Revenue for the quarter came in at $580.4 million versus the consensus estimate of $581.15 million.

GUIDANCE:

Herman Miller sees Q3 2016 EPS of $0.37-$0.41, versus the consensus of $0.41. Herman Miller sees Q3 2016 revenue of $535-555 million, versus the consensus of $542.05 million.

Brian Walker, Chief Executive Officer, stated "This quarter's operating results reflect the progress we're making as we execute our strategy and demonstrate the strength of our global multi-format distribution footprint, leading brands and innovative product solutions. Organic order growth was strong across the majority of our business, highlighted by double-digit increases within our North America and Specialty segments. This marks our fourth consecutive quarter of steadily improving order trends within our North American contract segment; a pattern that we believe validates the actions we've taken to improve the business are yielding results. We've achieved this while at the same time delivering consistent improvement in our consolidated gross margin performance, which this quarter was up both sequentially and relative to the second quarter of last fiscal year."

For earnings history and earnings-related data on Herman Miller (MLHR) click here.

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