Herman Miller Posts Mixed Earnings (MLHR)

Herman Miller Inc. MLHR reports Q3 earnings of $0.23 versus consensus of $0.26. Herman Miller Inc. reports revenues of $380.7 million versus consensus of $364.60 million. Revenues increased 17.5% year over year. The company's cash position at the end of the first quarter was $138.8 million, up from $134.8 million at the end of fiscal 2010. Brian Walker, Chief Executive Officer, stated, "Order rates in our business were remarkably consistent this quarter, significantly outpacing the levels we reported in both the prior year and prior quarter. We were particularly encouraged to see a notable improvement in orders within our core North American office market, which in recent quarters has lagged the other areas of our business.” He added, “We made solid progress this quarter across a range of initiatives, including the launch of our Thrive ergonomic solutions portfolio, development of an upcoming e-commerce retail storefront, and the completion of our aggressive fall product launch schedule. These advances and the improvement we've seen in market demand confirm we are gaining traction as a business and are well positioned to grow share in the markets we serve." Shares of MLHR are bid lower in the after-hours.