Herman Miller Shares Rise

Herman Miller (MLHR) – Get Herman Miller, Inc. Report – Shares rose on Wednesday after the company reported mixed first-quarter results, with revenue exceeding analyst expectations.

The company based in Zeeland, Michigan, reported first-quarter earnings of 49 cents per share on $789.7 million in revenue. Analysts expected the company to earn 50 cents per share on $648 million in revenue in the first quarter.

Earnings for the quarter fell dramatically from $1.24 per share a year ago, when people were rushing to set up home offices so they could work from home during the early stages of the COVID-19 pandemic.

“In our Global Retail and International Contract segments, we continue to see strong growth. As our customers prepare to return to their offices and adapt them for the future of work, demand in the Americas Contract and Knoll segments is increasing ” In a statement, the company said.

Despite the earnings shortfall, revenue increased by 26% year over year.

MillerKnoll’s stock was up 3.4 percent after hours on Wednesday, to $41.47.

Herman Miller announced in April that it would buy office furniture rival Knoll for $1.8 billion in cash and stock. For each share of Knoll, Herman Miller said it would pay $11 in cash and 0.32 in stock.

Together, the two companies have 19 brands and a presence in more than 100 countries, with more than 50 physical retail locations.

Herman Miller named top gamer and Twitch streamer Tim “TimtheTatman” Betar as the company’s first global brand ambassador earlier this month.