Why Herman Miller (MLHR) Is Gaining After Hours

NEW YORK (TheStreet) -- Herman Miller (MLHR) is spiking in extended trading after guiding for better-than-expected sales and earnings in the current quarter.

After the bell, shares had added 5.2% to $30.20.

The office furniture distributor said it expects net sales for its fourth quarter ending May between $485 million and $505 million and net income of 43 cents to 47 cents a share.

Analysts surveyed by Thomson Reuters had expected earnings of 43 cents a share and sales of $487.53 million.

"The strength and consistency of demand this quarter was matched by progress in the advancement of our strategic agenda. We still have a great deal of work to do, but our performance this quarter shows that we are delivering on our commitments and making meaningful progress toward our vision of diversified, global growth," CEO Brian Walker said in a statement.

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In its third quarter, the Zeeland, Mich.-based business reported net sales of $455.9 million, a 7.7% year-over-year increase, and net income of 34 cents a share.

Analysts had forecast sales of $457.6 million and net income of 34 cents a share.

TheStreet Ratings team rates MILLER (HERMAN) INC as a Hold with a ratings score of C. The team has this to say about their recommendation:

"We rate MILLER (HERMAN) INC (MLHR) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

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