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Steelcase Reports Second Quarter Results

GRAND RAPIDS, Mich., Sept. 19, 2012 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported second quarter revenue of $744.9 million and net income of $29.5 million, or $0.23 per share. Excluding restructuring costs, adjusted earnings were $0.25 per share. Revenue and earnings per share were ahead of company estimates. Steelcase reported $700.5 million of revenue and earnings of $0.09 per share in the second quarter of the prior year, including restructuring costs of approximately $0.06 per share.
Steelcase Inc. Logo

Organic revenue growth in the second quarter was 10 percent after adjusting for unfavorable currency translation effects and the net impact of acquisitions and divestitures. The Americas posted 10 percent organic growth over the prior year while EMEA experienced 17 percent organic growth. Revenue growth in the Americas and EMEA was broad-based and included a higher mix of project business from some of the company's largest corporate customers.

"The Americas reported another strong quarter, achieving double-digit organic revenue growth for the eighth consecutive quarter and posting a double-digit adjusted operating income margin of over 12 percent," said James P. Hackett, president and CEO.  "This performance is a testament to our strategy and the successful execution of our business model changes over the last several years."

Current quarter operating income of $46.8 million compares to $25.4 million in the prior year. Excluding restructuring costs, second quarter adjusted operating income of $50.5 million compares with $37.7 million in the prior year. The improvement was driven largely by organic revenue growth in the Americas and EMEA, but gross margins were negatively impacted by a higher mix of project business from some of the company's largest corporate customers.

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