NEW YORK (TheStreet) -- Shares of Herman Miller (MLHR) were gaining 7.2% to $32.15 in after-hours on Wednesday after the office furniture maker beat analysts' estimates for earnings in the fiscal fourth quarter.
Herman Miller reported earnings of 47 cents a share for the fiscal fourth quarter, above analysts' estimates of 41 cents a share for the quarter. Revenue grew 13% year over year to $550.7 million for the quarter, beating analysts' estimates of $543.63 million.
The company expects revenue of $545 million to $565 million for the fiscal first quarter of 2016, compared to analysts' estimates of $564.4 million.
"We're pleased to report strong sales and order growth this quarter, coupled with overall earnings performance that exceeded our expectations coming into the quarter," CFO Jeff Sutz said. "Our operating results were highlighted by continued gross margin expansion and strong operating cash flows, which helped us further reduce the debt we incurred last summer to acquire DWR."
TheStreet Ratings team rates MILLER (HERMAN) INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MILLER (HERMAN) INC (MLHR) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, reasonable valuation levels, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."