This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Steelcase Reports Second Quarter Results

Stocks in this article: SCS

GRAND RAPIDS, Mich., Sept. 18, 2013 (GLOBE NEWSWIRE) -- Steelcase Inc. (NYSE:SCS) today reported second quarter revenue of $757.6 million and net income of $27.6 million, or $0.22 per share, including restructuring costs of approximately $0.02 per share. Earnings per share were consistent with company expectations despite revenue falling short in EMEA and Asia Pacific.   Steelcase reported $744.9 million of revenue and earnings of $0.23 per share in the second quarter of the prior year, including restructuring costs of approximately $0.02 per share.  

Organic revenue growth over the prior year was modest after adjusting for $5.2 million of favorable currency translation effects and a favorable impact of $4.2 million from dealer acquisitions, net of a divestiture. The Americas organic revenue growth was 4 percent compared to the prior year and reflected a favorable business mix. EMEA experienced a 13 percent organic revenue decline which compared to significant revenue growth in the prior year. Revenue continued to include a higher than normal mix of project business from some of the company's largest corporate customers.

Current quarter operating income of $52.0 million compares to operating income of $46.8 million in the prior year. Excluding restructuring costs, second quarter adjusted operating income of $55.3 million compares with $50.5 million in the prior year. Exceptionally strong adjusted operating income in the Americas was partially offset by adjusted operating losses in EMEA and Asia Pacific.

"We have tremendous confidence in our global strategy, yet our consolidated results continue to be negatively impacted by the economic crisis in Western Europe," said James P. Hackett, CEO. "The Americas outperformed our expectations with an operating income margin of 14%, the highest result for any of our segments in the last decade. In contrast, our EMEA results reflect a significant operating loss, despite the great work of our resident teams to position our business for the eventual economic recovery in Western Europe."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs