Herman Miller Says 2Q Profit Fell 70.6 Percent
ZEELAND, Mich. (AP) ¿ Office furniture maker Herman Miller Inc. said on Wednesday that its second-quarter profit fell 70.6 percent as its revenue dropped.
The company said it earned $9.6 million, or 17 cents per share, during the quarter that ended Nov. 28. That was down from a profit of $32.6 million, or 60 cents per share, during the period a year earlier.
Not counting restructuring charges, the company would have earned 20 cents per share. That matched the expectation of analysts surveyed by Thomson Reuters.
The company's revenue fell 27.9 percent to $343.7 million, from $476.6 million a year earlier. Analysts were expecting revenue of $334.5 million.The company said orders improved compared with the first quarter. "While orders remain below prior-year levels, we were encouraged to see demand follow a more normalized trend this quarter," said CEO Brian Walker. Herman Miller shares fell a penny to close at $16.78 before the results were released.
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