Steelcase Q2 Profit Rises - Update

(RTTNews) - Office furniture maker Steelcase Inc (SCS), Tuesday reported an increase in profit for the second quarter, as revenues rose driven largely by growth at the Americas with both earnings and revenue coming in ahead of Wall Street estimates.

Grand Rapids, Michigan-based Steelcase said second-quarter profit rose to $30.5 million or $0.24 per share from $27.6 million or $0.22 per share last year.

Excluding restructuring costs, adjusted earnings for quarter rose to $0.27 per share from $0.24 per share last year. On average, four analysts polled by Thomson Reuters expected earnings of $0.23 per share for the second quarter. Analysts' estimates typically exclude special items.

Steelcase revenues for the second quarter rose to $786.7 million from $757.6 million a year ago. Analysts had a consensus revenue estimate of $784.47 million for the quarter.

"We were very pleased with the rebound in Americas performance compared to the prior quarter," said Jim Keane, president and CEO. "This strong performance in the Americas, driven again by strong project business, helped to offset the losses in EMEA, where our teams continue to implement the required business model changes in Europe."

Americas revenues rose 3.9 percent to $580.3 million, while EMEA dropped 1.0 percent to $131.1 million.

Looking forward to the third quarter, the company expects adjusted earnings of $0.24 to $0.28 per share on revenues of $810 million to $835 million. Analysts currently expect earnings of $0.26 per share on revenues of $826.97 million for the quarter.

SCS closed Tuesday's trading at $15.63, up $0.03 or 0.19%, on the NYSE.