Steelcase Reports Second Quarter Fiscal 2019 Results

  • Earnings per share improved 32 percent compared to prior year
  • Revenue and orders grew by double-digit percentages
  • Acquisitions of Orangebox and Smith System provide additional growth potential
  • Third quarter outlook projects double-digit organic revenue growth

GRAND RAPIDS, Mich., Sept. 20, 2018 (GLOBE NEWSWIRE) — Steelcase Inc. (NYSE: SCS) today reported second quarter revenue of $875.8 million and net income of $49.1 million, or diluted earnings of $0.41 per share.  In the prior year, Steelcase reported $775.6 million of revenue and net income of $36.9 million, or diluted earnings of $0.31 per share.

Revenue increased 13 percent, or 8 percent on an organic basis, in the second quarter compared to the prior year.  The Americas posted 15 percent revenue growth, or 9 percent on an organic basis, driven by strong project business from both large and small customers.  EMEA posted revenue growth of 13 percent, or 11 percent on an organic basis, driven by strong project business in Germany, the UK and France, while revenue in the Other category was approximately flat compared to the prior year.

Read full article here: (GLOBENEWSWIRE) https://globenewswire.com/news-release/2018/09/20/1574040/0/en/Steelcase-Reports-Second-Quarter-Fiscal-2019-Results.html

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