UPDATE: Steelcase Posts Weaker-Than-Expected Q1 Earnings

Steelcase

reported a 59% rise in its fiscal first-quarter earnings. Steelcase's quarterly profit surged to $21 million, or $0.17 per share, from a year-ago profit of $13.2 million, or $0.10 per share. Excluding certain items, its adjusted earnings slipped to $0.12 per share from $0.13 per share. Its revenue climbed 8.4% to $723.1 million. The company in March had estimated earnings of $0.14 to $0.17 per share on revenue of $715 million to $740 million. Analysts were expecting earnings of $0.16 per share on revenue of $728.73 million. For the current quarter, Steelcase expected earnings of $0.22 to $0.26 per share, versus analysts' estimates of $0.28 per share. Jim Keane, president and CEO said, "Earnings were lower than our expectations due to less than expected growth in the Americas and higher costs associated with product warranties, freight and distribution, some of which are expected to continue to impact our results through the second quarter." Steelcase shares gained 0.28% to close at $17.66 yesterday.