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A business consultancy, based in London, England, John Sacks' JSA Consultancy Services provides expert, in-depth, information advice and guidance as to how to exploit successfully the office furniture and interiors markets in Europe, North America, Australasia and Japan.

Steelcase Q2 results beat expectations

Thursday 23 September 2010

Office furniture maker Steelcase Inc posted quarterly results above market expectations on higher international sales, and said it expects a solid third quarter fueled by a double-digit order growth.
Sales rose about 4 percent to $599.8 million as its International sales jumped 6 percent to $155.8 million. Sales in the other unit, which includes the Coalesse Group, PolyVision and IDEO, rose 13 percent.
Analysts were expecting third-quarter earnings of 13 cents a share, on revenue of $627.9 million, according to Thomson Reuters I/B/E/S.
\"We experienced good operating leverage from volume growth across our business, and improvements at PolyVision, Asia Pacific and Coalesse contributed significantly to the operating results this quarter,\" said Chief Financial Officer David Sylvester, in a statement.
For the June-August quarter, net income was $2.8 million, or 2 cents a share, compared with breakeven a year ago.
Adjusted earnings, excluding restructuring costs of $13 million, stood at 8 cents per share.
Analysts on average had expected earnings of 5 cents a share on revenue of $576.2 million.
Shares of the Grand Rapids, Michigan-based company, which have fallen 13 percent since touching a 52-week high on Apr. 22, closed at $6.54 Wednesday on the New York Stock Exchange.

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