Steelcase Inc. (SCS: Quote) reported first quarter net income of $13.2 million, or $0.10 per share, up from $7.5 million or $0.06 per share in the prior year quarter. The prior year quarter results included restructuring cost of approximately $0.04 per share.
Excluding restructuring costs, adjusted earnings for the latest quarter were $0.13 per share.
Revenue for the quarter was $675.2 million, up from $639.4 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share on revenues of $681.10 million for the quarter. Analysts' estimates typically exclude special items.
"The EMEA results, while disappointing overall, were also negatively impacted by the timing of order patterns and certain project shipments," said David C. Sylvester, senior vice president and CFO. "We expect improved results in the second quarter based on recent order growth and continued efforts to improve our business model across EMEA."
The company said its board declared a cash dividend $0.09 per share, to be paid on or before July 13, 2012 to shareholders of record as of July 2, 2012.
The company expects second quarter fiscal 2013 revenue to be in the range of $715 to $740 million. This estimate includes an assumption of approximately $22 million from unfavorable currency translation effects compared to the prior year, as well as the negative impact of a small divestiture. Adjusted for these impacts, the company projects second quarter organic revenue growth in the range of 5 to 9 percent over the prior year.
Steelcase expects to report earnings between $0.16 and $0.20 per share for the second quarter of fiscal 2013, including restructuring costs of approximately $0.02 per share.
Analysts expect the company to report earnings of $0.19 per share on revenues of $731.50 million for the second-quarter.
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by RTT Staff Writer
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