Grand Rapids, MI, March 29, 2006--Steelcase reported earnings in the fourth quarter that rose to $11.2 million, or $0.08 per share, from $1 million, or $0.01 the year before.
The company said Its latest-quarter results reflect a lower income tax rate, which increased earnings by $1.3 million.
Sales during the quarter were up 7 percent to $739.3 million from $691 million in the year-ago period.
The company missed analyst’s estimates. Analysts on average had forecast earnings per share of $0.11 and sales of $735.6 million.
For the year, Steelcase's earnings grew to $50.8 million, or $0.34 per share, from $12.7 million, or $0.09 cents, in 2004. Revenue of $2.9 billion was 10 percent higher than last year.
The company said fiscal year-to-date orders have been stronger than the year before. Steelcase forecast first-quarter earnings of $0.10 to $0.15 per share--with less than $5 million of restructuring costs--and revenue of about $723.3 million to $750.4 million.
Analysts predict income of $0.15 per share and $723.3 million in revenue.
