Herman Miller Posts 3rd-qtr Loss As Sales Plunge
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV