Welcome to JSA Consultancy Services

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 posts Q1 profit, reversing year-ago loss

Wednesday 22 June 2011

Office furniture manufacturer Steelcase Inc. said Wednesday it reversed its year-ago loss to turn a first-quarter profit as revenue grew 18 percent.
Net income was $7.5 million, or 6 cents per share, compared with a loss of $11.1 million, or 8 cents per share a year ago. Excluding restructuring costs, the company said its net income was 10 cents a share in the latest quarter.
Revenue rose to $639.4 million from $541.8 million led by a 39 percent increase in Europe, the Middle East and Africa. In the United States, Canada, and Latin America, the company saw a 23 percent increase.
Analysts expected 5 cents per share on revenue of $589.3 million.
Steelcase's shares rose 60 cents, or 5.7 percent, in aftermarket trading following the release of the earnings report. They had ended the regular session down 18 cents at $10.40
Orders grew by more than 25 percent in the first quarter from the same period a year earlier. The company said some of the gain may be attributed to customers placing orders prior to a May 16 previously announced price increase.
The company expects second-quarter revenue in the range of $670 million to $695 million. Analysts were expecting $634.1 million.
Steelcase said it expects to report earnings between 6 cents and 10 cents per share for the second quarter. The estimate includes restructuring costs of about 9 cents per share. The company also forecasts about $11 million of higher commodity costs compared to the prior year and $4 million of incremental interest expense associated with senior notes issued in February.
Analysts expect adjusted earnings of 12 cents per share

Subscribe to our News Page

Enter your email here and we will tell you when this page is updated.

 

 

moreLatest News

Monday 24 July 2017 Steelcase Werndl changes name and relocates European Headquarters to Munich

Steelcase Werndl AG, a subsidiary of the American office furniture manufacturer Steelcase, will rena

Wednesday 5 July 2017 Herman Miller Reports Fourth Quarter Fiscal 2017 Results

NOTE: A data supplement with additional financial information relating to the periods covered by thi

Monday 3 July 2017 Furniture maker is one of nation's most 'community-minded' companies

A national nonprofit that connects volunteers to social justice causes has named a local furniture m

Friday 23 June 2017 Trump 'has spent $133,000 on White House furnishings in his first five months in office

President Donald Trump has spent more taxpayer funds on White House furnishings in the first five mo

Contact Us

JSA Consultancy Services
4-5 Gray’s Inn Square, Gray’s Inn,
London, WC1R 5AH, England


+44 (0) 20 7670 1510