Steelcase revenue rise

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23 September 2004 – Grand Rapids (MI): Steelcase has posted a 6.4 per cent rise in Q2 revenue.

The firm reported revenue of $651 million from $612.1 million a year earlier.

Net income was $7.3 million, or EPS of $0.05, compared with earnings of $18.1 million, or EPS of $0.12, in the comparable period last year. The year earlier period included a $21.3 million gain related to the sale of the firm’s Attwood operations.

Looking ahead, CEO Jim Hackett said: "We are continuing to improve productivity within the company while reducing excess capacity, which is helping to improve gross margins. However, we are also facing new challenges such as rising steel, energy and healthcare costs, and other factors that put additional pressure on the economic recovery, and on our margins."