Herman Miller (MLHR) Reports In-Line Q1 EPS

Herman Miller (NASDAQ: MLHR) reported Q1 EPS of $0.57, in-line with the analyst estimate of $0.57. Revenue for the quarter came in at $580.3 million versus the consensus estimate of $578.27 million.

Brian Walker, Chief Executive Officer, stated, "We are encouraged by the strong level of demand across much of the business. This was particularly notable within our North America and ELA segments, both of which delivered solid year-over-year organic order growth in the quarter that was better than we experienced last fiscal year. These improvements were complemented by continued traction in our Consumer business, which posted double-digit organic sales and order growth this quarter. Despite some operating challenges with product mix shifts and heightened warranty accruals, we were able to deliver net sales and earnings in-line with the expectations we set at the beginning of the quarter. Our employee-owners did a great job of managing cost and implementing the cost initiatives we announced last year. Looking forward, while we think the overall global economic picture remains positive, there will be some challenges resulting from the recent storms in Texas and the South East. We are thankful that our people and the employees of our dealer partners are safe, but we know that many of them and our customers are understandably spending a good deal of time recovering and helping others less fortunate."

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

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