GRAND RAPIDS, MI - Steelcase Inc., a manufacturer of wood and metal office furniture, saw profits soar 178% to $56.7 million for its fiscal year ended February 24.
The company posted revenue gains of 12.7% to $2.75 billion for its 2012 fiscal year.
Steelcase's fiscal year end results were bolstered by a 10.8% revenue gain in its fourth quarter. The company said organic revenue growth for the quarter was 10% greater than the same period a year ago, including 13% in the Americas. "Revenue growth in the Americas was broad-based and included a higher mix of project revenue from some of the company's largest corporate customers," the company said.
"The Americas had another great quarter, achieving double digit organic revenue growth for the sixth consecutive quarter," said James Hackett, president and CEO of Steelcase. "Fourth quarter orders and backlog in the Americas remained strong and as a result, we expect the sales momentum to continue into the first quarter of fiscal 2013."
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