ZEELAND, Mich. (AP) – Office furniture maker Herman Miller Inc. said Wednesday its fiscal first-quarter profit climbed 18 percent, due in part to sales growth in international markets.
For the quarter ended Sept. 1, net income rose to $33.5 million, or 54 cents per share, from $28.5 million, or 43 cents per share in the prior year quarter.
Analysts polled by Thomson Financial expected earnings of 50 cents per share for the quarter.
Revenue rose 9 percent to $491.7 million from $449.7 million in the year-ago quarter. Analysts predicted revenue of $489.7 million.
The company also said its gross margins improved, helped by a price increase.
Herman Miller said it experienced growth in its international markets, particularly in Asia and the U.K. Sales outside North America rose 17 percent, while North American sales rose 9 percent.
Large project orders in the U.S. dropped, however, leading to an overall decline in orders and backlog.
Herman Miller shares fell $1.08, or 3.7 percent, to $28 electronic after-hours trading. During regular trading, the shares rose 32 cents to close at $29.08.









