This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Steelcase Reports First Quarter Results

GRAND RAPIDS, Mich., June 19, 2013 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported first quarter revenue of $667.1 million and net income of $13.2 million, or $0.10 per share, including restructuring costs of approximately $0.03 per share. Excluding restructuring costs, adjusted earnings were $0.13 per share. Earnings per share were within company estimates. Revenues were lower than expected primarily due to the timing of shipment dates associated with first quarter orders in the Americas, and revenue shortfalls in France and Northern Europe. Steelcase reported $675.2 million of revenue and earnings of $0.10 per share in the first quarter of the prior year, including restructuring costs of approximately $0.03 per share.  

Organic revenue decline in the first quarter was 1 percent after adjusting for $2.8 million of unfavorable currency translation effects and a favorable impact of $3.5 million from recent dealer acquisitions, net of a divestiture. The Americas organic revenue growth was less than 1 percent compared to the prior year, which included revenue from two particularly large projects in the energy sector, and EMEA experienced a 3 percent organic revenue decline. Revenue continued to include a higher than normal mix of project business from some of the company's largest corporate customers.

"Following twelve consecutive quarters of year-over-year organic revenue growth, we experienced a modest decline in the first quarter," said James P. Hackett, CEO. "We are not too concerned with this decline, as order growth in the Americas was better than expected, resulting in a strong quarter-end backlog, and customer visits and project activity remain high."

Current quarter operating income of $20.4 million compares to operating income of $19.3 million in the prior year. Excluding restructuring costs, first quarter adjusted operating income of $24.8 million compares with $24.4 million in the prior year. 

Cost of sales improved 170 basis points to 68.5 percent of revenue in the current quarter compared to 70.2 percent in the prior year. This improvement was driven primarily by net benefits from pricing adjustments and recent restructuring actions in the Americas.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs