Herman Miller (MLHR) Tops Q3 EPS by 7c, Revenues Beat

Herman Miller (NASDAQ: MLHR) reported Q3 EPS of $0.65, $0.07 better than the analyst estimate of $0.58. Revenue for the quarter came in at $590.5 million versus the consensus estimate of $587.27 million.

Outlook

While we are encouraged by positive signs in each of our businesses, the overall global demand environment and potential pace of recovery remains uncertain. From a demand perspective, our contract sales funnel is pointing to increased demand in the back half of calendar 2021. From a cost perspective, like other industries, we are experiencing commodity pressures, especially associated with steel prices. We are also reinstating our employer retirement contributions, which we temporarily suspended for the first three quarters of fiscal 2021. Our ongoing cost reduction initiatives and a planned price increase will help offset these pressures over time.

We are ready to capitalize on the increased demand expected as the global contract market begins to recover. We believe that recovery, along with our expectation for sustained momentum in our Retail business and our global, multi-channel distribution model, puts us in a strong position to drive growth in our business as we reach the other side of the global pandemic.

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

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