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Steelcase Customer Order Delays Hurt Sales; French Plant Transfer

Sunday 28 December 2014

Business furniture manufacturer Steelcase Inc. (NYSE:SCS) reported third quarter revenue of $800 million, and net income of $11.8 million - up only slightly from the 2014 period.
Results were dragged down by delays in projects shipped to customers in the Americas, where revenue slipped $3.2 million, to $555.3 million, versus the year ago quarter.
Steelcase says orders in Europe, Middle East and Asian Markets (EMEA) grew approximately 1% in the period; while the Americas segment had a strong order backlog at the end of the third quarter.
"The timing of the Thanksgiving holiday relative to the end of our fiscal quarter had a negative impact on the year-over-year comparisons for both orders and revenue," says Steelcase CEO Jim Keane. "We remain optimistic about our ability to continue to grow Americas revenue," Keane said, noting, "Year-over-year revenue comparison was negatively impacted by customer requests for extended delivery dates, which were much higher than historical averages."
Steelcase also had to bear restructuring costs of $37.4 million in the current quarter, most of it related to the transfer of a manufacturing facility in Wisches, France to a third party. The transfer included a $27.3 million payment which was recorded in restructuring costs. "The transfer of our Wisches facility represents a major step towards reducing excess manufacturing capacity," says Dave Sylvester, CFO.

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