Steelcase posts sharp profit rise but misses forecasts



27 June 2006 – Chicago (IL): First quarter earnings at Steelcase nearly tripled, the company has reported, citing improving margins and restructuring programmes, but the results were below Wall Street expectations.


According to the financial report, net income rose to $18.2 million, or EPS of $0.12, from $6.7 million, or EPS of $0.05 a year ago.


Revenue increased nearly 8 percent to $727.3 million. However, analysts had expected a $735.72 million increase.


The office furniture manufacturer said it expected Q2 revenue to rise by 10 percent to 14 percent year-on-year based on strong order patterns and backlog.