On June 29, Herman Miller, Inc. (MLHR), the prominent interior furnishing company, presented its fiscal fourth-quarter results, surprising the market with stronger-than-expected revenue and adjusted earnings per share. The market's response was overall bullish, and the stock has been trading well above $26 before going lower to below $24 on June 30, as traders who benefited from the earnings surprise took profit and went away. So, the gains have already been erased.
However, a better-than-anticipated adjusted EPS surely does not mean the company fared well in the spring quarter. In fact, its