Herman Miller Boosts Estimates

November 27, 2007  by in UnCategorized   

By Home Furnishings Business in Home Office on November 2007 Buoyed by rising orders, Zeeland, Mich.-based Herman Miller, which makes furniture for offices and homes, said Tuesday that sales and earnings in its second quarter will likely be higher than previous forecasts.

The company eliminated 150 full-time jobs during the quarter as part of an initiative designed to improve its operating and financial performance. The company said sales in its second quarter, which will be announced Dec. 19, will be near the top of its previous guidance of $475 million to $500 million—and could exceed the higher figure. The company is also raising its earnings-per-share guidance to 56 cents to 63 cents, not including a one-time charge of up to 5 cents related to its cost-cutting actions during the quarter.

“We’ve made great strides over the past several months in refining Herman Miller’s structure, sharpening our focus and reallocating resources towards high-growth areas,” said CEO Brian Walker. “We are confident that these actions—along with several great new designs in the pipeline—position our core North American furniture business to be even stronger and more profitable going forward.”