Steelcase Profit Tops Estimates, Q1 Revenue Guidance Weak; Stock Down 4%

(RTTNews) - Steelcase Inc (SCS) on Tuesday reported fourth-quarter net earnings of $22.8 million or $0.18 per share compared with $23.9 million or $0.19 per share last year.

Excluding items, adjusted earnings for the quarter were $0.21 per share compared with $0.18 per share a year ago.

Revenues for the quarter were down 3.8% at $749.9 million compared with $779.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.20 per share on revenues of $768.3 million for the quarter. Analysts' estimates typically exclude special items.

For the first quarter, the company expects adjusted earnings of $0.13 to $0.17 per share on revenues of $690 million to $715 million. Analysts expect earnings of $0.15 per share on revenues of $728.3 million.

The company has declared a cash dividend of $0.1125 per share, an increase of 0.75 cents per share from the third quarter.

Steelcase, based in Grand Rapids, Michigan, makes furniture settings, user-centered technologies and interior architectural products.