NEW YORK ( TheStreet) -- Shares of Steelcase ( SCS) gained ground in late trades on Wednesday after the Grand Rapids, Mich.-based office furniture maker trounced Wall Street's profit view for its latest quarter and gave a strong revenue forecast.

The company reported earnings of $7.5 million, or 6 cents a share, for its fiscal first quarter ended May 31 as revenue jumped 18% year-over-year to $639.4 million. On an adjusted basis, excluding restructuring costs, Steelcase said it earned 10 cents a share in the three-month period.



The average estimate of analysts polled by Thomson Reuters was for a profit of a nickel per share in the May quarter on revenue of $589.3 million.

""Customers are responding very well to our insight-led solutions for the interconnected workplace," said James Hackett, Steelcase's president and CEO, in a statement. "By staying invested in multiple growth initiatives during the worst of the recession, we established a strong foundation for the revenue growth which occurred across all of our segments again this quarter."

The stock was last quoted at $11, up 5.8%, on volume of around 100,000, according to Nasdaq.com. Based on a regular session close at $10.40, the shares were basically flat so far in 2011.

For its fiscal second quarter ending in August, Steelcase said it expects revenue of between $670 million and $695 million with earnings forecast between 6 and 10 cents a share, including restructuring costs of 9 cents a share. The current average analysts' view calls for earnings of 12 cents a share on revenue of $634.1 million in the August quarter. Analyst estimates typically exclude restructuring costs.

"We are at an important intersection. While the broader economic recovery remains challenged by a variety of headwinds, many of our customers are facing the realities of deferred spending during a decade in which various forces are having exponential consequences on their work environments," Hackett said of the company's outlook. "We believe our research partnerships and insight-led approach to product development and space applications represent a significant competitive advantage for our company."

Bristol-Myers Squibb and Pfizer

Shares of drug giants Bristol-Myers Squibb ( BMY) and Pfizer ( PFE) both advanced in extended action after the pair disclosed favorable results for a blood-thinning drug the companies are co-developing.

Bristol-Myers Squibb shares gained 7% to $29.73 on volume of more than 300,000 in late trades, and Pfizer's stock jumped nearly 4% to $21.05 on volume of more than 460,000.

The companies said late Wednesday that Eliquis not only met the primary endpoint of a phase III trial, showing non-inferiority to warfarin in preventing strokes, it also met secondary endpoints of superiority on efficacy and major bleeding compared to warfarin.

The trial involved patients with atrial fibrillation and at least one additional risk factor for stroke.

Other stocks active in Wednesday's after-hours session included Bed Bath & Beyond ( BBBY), which rose 2% on volume of nearly 775,000 after the specialty retailer posted better than expected quarterly results and lifted its financial forecast; Red Hat ( RHT), which gained 4% on volume of around 400,000 following its strong quarterly report; and American Capital Agency ( AGNC), which fell 2% on volume of 1.4 million after the Bethesda, Md.-based real estate investment trust announced plans to sell 36 million common shares in a public offering.

-- Written by Michael Baron in New York.

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