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Steelcase 3rd quarter sales up 10% and higher profits

Thursday 22 December 2011

Steelcase Inc. has reported third quarter sales of $719.4m ($672.6m in the same quarter last year) and net income of $22.4m. Excluding restructuring costs, adjusted earnings were $0.19 per share (last year $0.14) . Sales were higher than company forecasts and earnings per share were in line with expectations.
Organic revenue growth in the third quarter was 10%, after adjusting for the net negative impact of $20 million associated with the deconsolidation of IDEO and other acquisitions and divestitures and approximately $4 million related to favourable currency conversion effects. The Americas posted 15% organic growth over prior year while EMEA experienced a 2% organic decline. Revenue growth in the Americas was broad-based and included a higher mix of revenue from some of the company's largest corporate customers, services and owned dealers.
"The Americas segment posted another strong quarter with organic revenue growth of 15% and an adjusted operating margin of approximately 9%," said James P. Hackett, president and CEO. "Based on the strength of third quarter orders and the highest backlog in more than three years, we expect this momentum to continue in the fourth quarter."
Current quarter operating income of $38.2m represents an improvement of $11.4m over the prior year. Excluding restructuring costs, third quarter adjusted operating income of $42.0 million improved $7.2 million compared to the prior year. The improvement was driven largely by organic revenue growth but impacted by the deconsolidation of IDEO and a higher mix of revenue from some of the company's largest corporate customers, services and owned dealers. The results also reflect higher spending on product development, sales and distribution strategies and other initiatives. Benefits from recent pricing adjustments exceeded higher commodity costs for the first time in six quarters.

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