Herman Miller 1Q profit jumps almost 53 percent

ZEELAND, Mich. (AP) -- Office furniture and accessories maker Herman Miller Inc. said Wednesday that first-quarter net income rose 52.8 percent on strong sales growth. Earnings and revenue beat expectations. The company's stock jumped in after-hours trading. The company earned $24.6 million, or 42 cents per share, for the quarter that ended Sept. 3. That was up from $16.1 million, or 23 cents per share, during the quarter that ended Aug. 28, 2010. The most recent fiscal quarter had 14 weeks, compared with 13 weeks in the last year's first quarter. Revenue rose 20.3 percent to $458.1 million, from $380.7 million a year ago. Earnings were 10 cents per share higher than expected by analysts surveyed by FactSet. Revenue was predicted at $444.7 million. Besides sales growth, the company said it benefited from improved operating efficiencies. However, operating expenses rose 20 percent to $112.5 million, in part because of higher compensation related to incentive bonuses and retirement benefits. Herman Miller shares rose $1.86, or 11.5 percent, to $18 in aftermarket trading after the results were released. They had fallen 99 cents, or 5.8 percent, during regular trading. Published: Fri, Sep 23, 2011