The market is quite upbeat about the third-quarter financial performance of Herman Miller (MLHR), which is slated to announce the results Wednesday after the closing bell. This time, analysts will be looking for a bigger earnings growth than in the previous quarters, and the consensus estimate indicates a 22% year-on-year increase to $0.61 per share.
Considering the positive surprises in the trailing four quarters, an earnings beat is very much in the cards. Revenues are forecast to move up 8% to $623.35 million. The furniture manufacturer continues to benefit from the recent spurt in the demand for residential and office furniture.
Considering the positive surprises in the trailing four quarters, an earnings beat is very much in the cards
Analysts have given the company’s stock a buy rating, with a price target of $40. Being on a recovery path, with a price that is still below the long-term average, the stock is an investment option worth considering. Also, lower debt and a reasonably good return on equity make it appealing.
Meanwhile, it needs to be seen as to what extent the management will be able to take forward the expansion activities without external funding. Also, the deceleration in earnings growth over the years could be a dampener as far as investor sentiment is concerned. Last year, Herman Miller’s profit gained at a pace that is slower than its five-year average growth rate, indicating that the slowdown might continue in the coming quarters.
For the second quarter, the Zeeland, Michigan-based company reported record sales of $653 million, up 8%, supported by a 10% organic order growth. Consequently, adjusted earnings surged 32% annually to $0.75 per share.
Herman Miller shares have maintained a steady uptrend after slipping to an eight-month low towards the end of last year. The stock gained about 18% since the beginning of the year and moved up 17% in the past twelve months.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard