Grand Rapids, MI, December 18, 2006--Steelcase Inc. said its fiscal third-quarter earnings more than doubled, due mostly to gains in international markets.
Earnings for the quarter ended November 24 rose to $32.8 million, or 22 cents per share, from $19.1 million, or 13 cents per share during the same period last year.
The results included a charge of $3.6 million related to restructuring.
Analysts polled by Thomson Financial forecast a profit of 19 cents per share. Thomson estimates usually exclude special items.
The company, whose brands include Brayton, Steelcase and Turnstone, said revenue grew 7 percent to $802 million from $750.7 million.
Steelcase said its international business rose 19 percent on greater sales volumes and improved pricing. Sales in North America were mostly flat.
Looking ahead, the company said it expects fourth-quarter earnings to range from 14 cents per share to 19 cents per share. Revenue is seen improving by 4 percent to 8 percent, indicating a total of $768.9 million to $798.4 million. The results will include a restructuring charge of $2 million to $4 million.
Analysts forecast a profit of 19 cents per share on revenue of $800.8 million.
