Steelcase, Herman Miller report mixed second quarter results

<fabricp>Steelcase Inc. and Herman Miller Inc. both reported modest sales growth for their most recent quarters.

Zeeland-based Herman Miller reported sales of $468.1 million for the first quarter of the 2014 fiscal year, a 4.1 percent increase from a year earlier. Net income for the quarter that ended Aug. 31 totaled $22.5 million, or 38 cents per share, up 12.5 percent from the same period a year earlier. Herman Miller expects sales in the present second quarter to grow 4 percent to 8 percent from a year ago to $460 million to $475 million with net income of 38 cents to 42 cents per share, minus the $223 million cost of terminating its pension plan during the quarter.

Grand Rapids-based Steelcase reported sales of $757.6 million for the second quarter of FY 2014, up 1.7 percent, and lower net income of $27.6 million, 22 cents per diluted share, versus $29.5 million, or 23 cents per diluted share, a year earlier. Six-month sales for Steelcase were flat at $1.42 billion and net income declined to $40.8 million from $42.7 million. Steelcase expects sales for the present quarter to grow 4 percent to 7 percent to $755 million to $780 million and higher net income of 23 cents to 27 cents per share.

Source: Mibiz