Grand Rapids, MI, December 16, 2005--Steelcase Inc., reported third quarter earnings of $19.1 million, or $0.13 per share, from $10.1 million, or $0.07 per share, last year.
Sales increased 11 percent to $750.7 million in the quarter ended Nov. 25, from $674.1 million a year earlier.
Steelcase said its results include restructuring charges that cut profits by $4.6 million, compared to restructuring charges in the 2004 quarter of $1.2 million.
Revenue included $12.8 million from services, $8.4 million from acquisitions and a $6 million loss from currency translation, resulting in a net revenue increase of 2.3 percent, the company said.
"We significantly improved our results even as we worked through the many challenges associated with making changes to our business model," Chief Executive James Hackett said in a statement.
Analysts, on average, expected Steelcase to report earnings of 14 cents per share, excluding one-time items, on revenue of $747.8 million, according to Thomson Financial.
Looking ahead, the company forecast fourth-quarter earnings of between $0.07 and $0.12 per share, compared to the 2004 quarter's earnings of $0.01 per share. It sees revenue being 4 percent to 8 percent higher.
