Grand Rapids, MI, June 26, 2006--Steelcase said Monday its first-quarter profit more than doubled on higher sales and lower restructuring costs.
First-quarter earnings soared to $18.2 million, or $0.12 per share, from $6.7 million, or $0.05 cents per share, during the same period last year. The results include after-tax restructuring charges of $2.7 million versus a charge of $6.8 million last year.
Quarterly revenue climbed 7.6 percent to $727.3 million from $676 million in the prior-year period on $5.4 million from acquisitions, partially offset by $4.8 million from currency translation effects.
Analysts were expecting earnings of $0.14 per share on sales of $735.2 million.
The company is looking for second-quarter earnings to be between $0.13 and $0.18 per share, including restructuring charges of $3 million to $7 million. Analysts are looking for second-quarter earnings of $0.19 per share, on average.
