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Omar Venerio
Omar Venerio
Articles (1420) 

World Capital Markets Red Thursday

Herman Miller rises on earnings beat

U.S. stocks were in negative territory on Thursday after the Federal Reserve decided to increase the interest rate by 25 basis points to between 2.25% and 2.5%. The Dow Jones Industrial Average fell more than 350 points to 22,962, the S&P 500 index slid 1.33% to 2,473 and the Nasdaq Composite Index declined 1.65% to 6,527.

Shares of Herman Miller Inc. (NASDAQ:MLHR) jumped almost 3% on Thursday after the company posted second-quarter earnings of 75 cents per share on $652.6 million in revenue, reflecting 7.9% year-over-year growth.The company beat earnings estimates by 4 cents and revenue expectations by $6.93 million.

"Strong demand was a clear highlight of our results as we finished the quarter setting all-time records for quarterly net sales and order levels for our Company” CEO Andi Owen said.

The consolidated gross margin was 36.1%, a decline of 60 basis points from the prior-year quarter due to the adoption of a new revenue recognition standard.

Looking ahead to the third quarter, the company expects net sales between $615 million and $630 million. It also projects adjusted diluted earnings in the range of 59 cents to 63 cents per share.

Gainers

Losers

Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.80%, France's CAC 40 dropped 1.78%, Germany's Dax closed 1.44% lower and Spain's IBEX 35 tumbled 1.97%.

In Asia, Japan's Nikkei 225 fell 2.84%, India’s BSE Sensex lost 0.14%, Hong Kong's Hang Seng retreated 0.94% and China's Shanghai Composite slid 0.52%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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