Steelcase Q4 Earnings Top Views

reported stronger-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates. The Grand Rapids, Michigan-based company posted quarterly earnings of $22.8 million, or $0.18 per share. Excluding one-time items, Steelcase's earnings rose to $0.21 per share from $0.18 per share. Its revenue slipped to $749.9 million from $779 million. However, analysts were expecting earnings of $0.20 per share on revenue of $768 million. Organic revenue in the Americas rose 4 percent, while organic revenue for the EMEA segment jumped 23 percent in the quarter. Operating income declined to $37.0 million from $54.2 million in the year-ago period. Operating expenses slipped $3.4 million from the year-ago quarter to $189.8 million in the fourth quarter. The company's board declared a cash dividend of $0.1125 per share, a rise of $0.75 per share versus the third quarter. "We are pleased with our full-year performance, driven by the consistency of our Americas business and the progress we are making in EMEA," said Jim Keane, president and CEO. "We expect to continue to see modest industry growth in our major markets in fiscal 2016 and are focusing on innovation and customer engagement to grow our market share." For the current quarter, Steelcase projects earnings of $0.13 to $0.17 per share on revenue of $690 to $715 million. Steelcase shares rose 0.20 percent to $19.96 in the after-hours trading session.