Herman Miller misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY15 EPS below consensus, revs below consensus
Reports Q2 (Nov) earnings of $0.51 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.52; revenues rose 20.2% year/year to $565.4 mln vs the $561.9 mln consensus.
- Co issues downside guidance for Q3, sees EPS of $0.33-0.37 vs. $0.44 Capital IQ Consensus Estimate; sees Q3 revs of $510-530 mln vs. $543.13 mln Capital IQ Consensus Estimate.
- Co issues downside guidance for FY15, sees EPS of $1.80-1.88, excluding non-recurring items, vs. $1.96 Capital IQ Consensus Estimate; sees FY15 revs of $2.145-2.185 bln vs. $2.19 bln Capital IQ Consensus Estimate.
- New orders in this segment totaled $112.4 million in the second quarter, representing a year-over-year increase of 7.7%.
- On an organic basis, segment sales increased 13.7% and orders increased 10.5% from the second quarter of last year. Herman Miller's consolidated gross margin in the second quarter totaled 36.4% compared to 25.3% reported in the same quarter of last fiscal year.