Herman Miller Shares Sank: What You Need to Know
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What: Shares of furniture designer Herman Miller (NAS: MLHR) are sinking today, down by 10%, after the company reported second-quarter earnings results that fell short of what the market was expecting.
So what: Revenue in the second quarter totaled $445.6 million, while earnings per share came in at $0.41. Sales fell short of the $452.7 million estimate and bottom-line profit was right on target with expectations.
Now what: Going forward, the company sees third-quarter sales in the range of $400 million to $420 million, which is far short of the $455.8 million that the Street is looking for. The company also expects gross margin in the coming quarter to tick down sequentially. CEO Brian Walker said, "Reduced order momentum this past quarter reflected pockets of weakness in some customer sectors driven by a reduction in large order volume compared to last year."
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