RTTNews | Sep 17, 2020 09:53AM EDT

09:52 Thursday, September 17, 2020 (RTTNews.com) - Shares of Herman Miller, Inc. (MLHR) are climbing more than 19 percent or $4.97 in Thursday's morning trade at $30.85 after the office furniture maker reported a jump in profit for the first quarter from last year and reinstated its quarterly cash dividend.

Wednesday, Herman Miller said its first-quarter net income surged to $73.0 million or $1.24 per share from $48.2 million or $0.81 per share in the year-ago period. Adjusted earnings were $1.24 per share, compared to $0.84 per share a year ago.

However, sales declined 6.6 percent to $626.8 million from $670.9 million last year. Analysts polled by Thomson Reuters had a consensus earnings estimate of $0.26 per share on revenues of $524.83 million. Analysts' estimates typically exclude special items.

The company's board of directors approved a $0.1875 per share dividend to be paid on January 15, 2021 to shareholders of record on November 28, 2020.

Herman Miller has traded in a range of $14.39 to $49.87 in the past 52 weeks.

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