Steelcase Inc. (SCS) reported third-quarter net income of $23.6 million, or $0.18 per share, up from $22.4 million or $0.17 per share in the third quarter of the prior year.
Excluding restructuring costs, adjusted earnings for the latest-quarter were $0.22 per share.
Revenue for the quarter was $727.2 million, up from $719.4 million in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share on revenues of $722.10 million for the quarter. Analysts' estimates typically exclude special items.
The company expects fourth quarter fiscal 2013 revenue to be in the range of $695 to $720 million. This estimate includes an assumption of approximately $2 million from unfavorable currency translation effects compared to the prior year and approximately $4 million from recent acquisitions.
Adjusting for these impacts, the company projects fourth quarter organic revenue growth in the range of 0 to 4 percent over the prior year.
Steelcase expects to report earnings to be between $0.14 to $0.18 per share for the fourth 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 $708.70 million for the fourth-quarter.
by RTT Staff Writer
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