GRAND RAPIDS, MI -- Contract furniture manufacturer Steelcase Inc. (NYSE:SCS) posted first quarter revenue of $639.4 million and net income of $7.5 million, both exceeding company estimates and well above the same period a year ago.
"Customers are responding very well to our insight-led solutions for the interconnected workplace," said James Hackett, president and CEO of Steelcase. "By staying invested in multiple growth initiatives during the worst of the recession, we established a strong foundation for the revenue growth which occurred across all of our segments again this quarter."
Steelcase anticipates second quarter fiscal 2012 revenue to be in the range of $670 to $695 million. This estimate includes an assumption of approximately $15 million from favorable currency translation effects compared to the prior year, as well as revenue from the purchase of bkm Total Office completed during May 2011.
Posted by Rich Christianson
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