ZEELAND, Mich. (AP) ¿ Office furniture maker Herman Miller Inc. posted a third-quarter loss late Wednesday, reversing a year-ago profit, as sales plunged in the weak economy.
For the three months ended Feb. 28, the company lost $5.2 million, or 10 cents per share, compared with a profit of $38.3 million, or 65 cents per share, in the corresponding quarter a year ago.
Adjusted for $23.4 million in restructuring costs, the company said it earned 18 cents per share in the most recent quarter. Per-share results reflect an 8 percent decrease in the number of outstanding shares year-over-year.
Sales fell 29 percent to $354.4 million, from $495.4 million last year.The results fell short of expectations from analysts polled by Thomson Reuters. On average, Wall Street expected a profit of 21 cents per share, on sales of $397.3 million. Analyst estimates typically exclude one-time charges like restructuring. Chief Executive Brian Walker said in a statement that business declined with the economy.