Steelcase Profit Tops Estimates; Q2 Guidance Strong

(RTTNews) - Office furniture and architectural products maker Steelcase Inc (SCS) on Wednesday reported first-quarter net earnings of $20 million or $0.16 per share compared with $21 million or $0.17 per share last year.

Excluding items, adjusted earnings for the quarter were $0.17 per share compared with $0.12 per share a year ago.

Revenues for the quarter were $705.5 million compared with $723.1 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $703.6 million for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings of $0.30 to $0.34 per share, while analysts expect $0.31 per share.