/Steelcase's profit up sharply on higher revenue

Steelcase's profit up sharply on higher revenue

GRAND RAPIDS, Mich. (AP) — Steelcase Inc. said Monday that earnings rose 72 percent for the latest quarter, boosted

by higher revenue in its international and Steelcase Design Partnership units.

The Grand Rapids-based office furniture company had third-quarter net income of $32.8 million, or 22 cents a share, up from $19.1 million, or 13 cents a share, a year earlier. This year’s earnings included $3.6 million in restructuring charges.

Steelcase said revenue for the quarter ended Nov. 24 rose 6.8 percent to $802 million from $750.7 million a year ago.

Analysts surveyed by Thomson Financial had forecast, on average, earnings of 19 cents a share on revenue of $807 million. Such forecasts typically exclude unusual items.

Shares of Steelcase slipped 4 cents, or 0.2 percent, to close Monday at $18.06 on the New York Stock Exchange.

In the first nine months of the fiscal year, net income almost doubled to $77.6 million, or 52 cents a share, from $39.6 million, or 27 cents a share, for the same period in fiscal 2013.

Revenue rose to $2.3 billion from $2.13 billion.