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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 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

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