GRAND RAPIDS, MI -- Global office furniture manufacturer, Steelcase Inc., saw a climb in its fourth quarter profits and its 2014 fiscal income more than doubled, driven by strong growth in the Americas. U.S. market share also rose for the third year in a row, according to the company.
Steelcase beat analysts' expectations with fourth quarter sales of $779.4 million, an 8% increase over the previous year. Net income jumped to $23.9 million swinging from a loss of $27 million in the fourth quarter in 2013. Revenue for fiscal 2014 rose to $3 billion and the company more than doubled its net income at $87.7 million over last year's $38.8 million. Most of the growth came from its Americas business segment, which saw a 13% rise in revenues with $558.4 million for the fourth quarter.
That strong growth, however, was slightly offset by an 11% decline in its European, Middle Eastern and African markets.
"The Americas segment continues to deliver exemplary performance, realizing an adjusted operating margin of 11.5% in the foruth quarter and for fiscal 2014 and gaining market share in the U.S. for the third consecutive year," said James P. Keane, Steelcase president and CEO.
The company forcasts continued growth in fiscal year 2015 with revenue expected to grow in the range of 7 to 11% over the prior year or $715 million to $740 million in the first quarter over the $667.1 million reported in the first quarter of fiscal 2014.