Herman Miller Says Earnings to Disappoint
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Herman Miller Inc., the No. 2 U.S. maker of office furniture, said fiscal first-quarter earnings will fall well short of forecasts as slowing office construction and declining corporate profits hurt demand.
Profit will be 2 cents to 7 cents a share in the quarter ending Sept. 1, the company said, compared with 46 cents a year ago. Analysts on average were expecting 21 cents, according to Thomson Financial/First Call.
The Zeeland, Mich.-based company also cut its sales forecast to $405 million to $420 million, from its previous guidance of $455 million to $485 million.
The company said it will announce details on cost-cutting plans when it reports first-quarter results Sept. 24 and holds a conference call for investors Sept. 25.
Separately, the company said its board authorized a repurchase of up to $100 million of the company’s shares as part of a program to boost per-share value.
Shares of Herman Miller fell as much as 16% in after-hours trading to $20 after closing up 3 cents at $23.77 on Nasdaq.
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