Herman Miller Surges on Earnings Beat
NEW YORK (TheStreet) -- Shares of furniture company Herman Miller (MLHR) are surging after the company reported a big rise in second-quarter earnings and beat estimates driven by new customer orders.
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Herman Miller shares have popped by 7.7% to $24.91 in midday trading. Earlier Thursday, the stock reached a 52-week high of $24.99. Trading volume has more than doubled to about 751,998 compared with an average daily churn of 307,818.
Second-quarter net earnings skyrocketed by 86.5% to $17.9 million, or 26 cents per share, from $9.6 million, or 17 cents in the year ago period. On an adjusted basis, earnings were 29 cents, beating estimates by a penny.
Net sales grew 19.9% to $412.2 million, from $343.7 million the year before, beating the average target of $391.2 million.
New orders within Herman Miller's North American business segment were up 35.8% and new orders from the company's non-North American segment reported a year-over-year increase in orders of 31.3%. Backlog shot up 34.8% from the year ago period. Shares of peers Steelcase (SCS) and Knoll (KNL) have risen 0.9% to $10.20 and 5.2% to $16.01 respectively, receiving a boost from the solids earnings news. >>Search for Highest Dividends by Rate or Yield| More on Earnings Today's Top Earnings |
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