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Herman Miller Falls As Outlook Disappoints Despite Earnings Beat

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By Dhirendra Tripathi

Investing.com – Herman Miller (NASDAQ:MLHR) was trading 3% lower in Tuesday’s premarket as its outlook for the ongoing first quarter of fiscal 2022 came in below expectations.

The furniture maker expects sales in the first quarter to range between $640 million and $670 million. The mid-point of this range implies revenue growth of 4.5% compared to the same quarter last year.

Adjusted earnings per share are anticipated to come between $0.52 and $0.58.

The outlook does not include any impact related to the pending $1.8 billion acquisition of Knoll (NYSE:KNL).

The outlook overshadowed Herman Miller’s fourth quarter profit of 56 cents per share, which handily beat the consensus estimate of 39 cents. The company’s revenue of $621.5 million also topped estimates.

It ended the last quarter with a 5.1% year-on-year lower order backlog at $446.9 million.

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