Steelcase’s sales dip for first time in three years


Steelcase Inc. (NYSE: SCS) has reported first quarter revenue of $667.1 million and net income of $13.2 million. Excluding restructuring costs, adjusted earnings were 13 cents per share.

In 2012, Steelcase had $675.2 million of revenue and adjusted EPS of 13 cents in the first quarter.

The company said revenues were lower than expected primarily due to the timing of shipment dates associated with first quarter orders in the Americas, and sales shortfalls in France and Northern Europe.

“Following 12 consecutive quarters of year-over-year organic revenue growth, we experienced a modest decline in the first quarter,” said James P. Hackett, CEO. “We are not too concerned with this decline, as order growth in the Americas was better than expected, resulting in a strong quarter-end backlog, and customer visits and project activity remain high.”

Current quarter operating income of $20.4 million compares to operating income of $19.3 million in the prior year. Excluding restructuring costs, first quarter adjusted operating income of $24.8 million compares with $24.4 million in the prior year.

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