Steelcase Q3 Profit Tops Estimate; Revenue Falls Short

(RTTNews) - Steelcase Inc. (SCS) today reported third quarter net income of $11.8 million or $0.09 per share, compared to $23.0 million or $0.18 per share for the year-ago quarter.

Excluding restructuring costs, adjusted earnings for the latest quarter were $0.29 per share.

Revenue for the third quarter rose to $800.0 million from $784.8 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.26 per share on revenue of $826.10 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecasts revenue of $760 to $785 million, earnings of $0.16 to $0.20 per share and adjusted earnings of $0.19 to $0.23 per share. Analysts currently expect the company to earn $0.20 per share on revenue of $771.73 million for the fourth quarter.