Grand Rapids, MI, September 19, 2005 -- Steelcase reported quarterly profit that rose as price increases and sales growth helped to offset restructuring costs.
But the company's earnings missed analyst expectations as second-quarter revenue was softer than the company expected due to a higher number of orders placed for third-quarter shipments instead of for the second-quarter.
Earnings in the quarter rose to $13.8 million, or $0.09 a share, from $7.3 million, or $0.05 a share, a year earlier.
The company had forecast earnings of $0.08 to $0.13 a share. But analysts had been expecting the company to top the high end of its forecast at $0.14 a share.
Revenue for the quarter increased 8% to $702.9 million.
For the third quarter, the company forecast earnings in the range of $0.10 to $0.15 a share, saying it expected higher fuel costs to reduce operating income by more than $2 million in the quarter.
