Steelcase Beats Estimates (SCS)

Steelcase Inc. SCS reports Q2 earnings of $0.14 versus estimate of $0.14 estimate. Steelcase Inc. reports Q2 revenue of $672.6 million versus estimate of $644.27 million. "Our strong recovery continues to be fueled by the improving stability of the economies around the world coupled with the portfolio of innovative solutions we offer our customers," said James P. Hackett, president and CEO. "Our International segment posted organic growth of 20 percent, led by strong performance in Germany, France and the Asia Pacific region, while North America had broad-based organic growth of 16 percent." "With the improved demand patterns, we are able to demonstrate the earnings power of a much fitter business model," said David C. Sylvester, vice president and CFO. "Operating margins, excluding restructuring costs, reached 6.8 percent in North America and 5.5 percent in International, where we continue to invest in emerging markets." Steelcase expects to earn $0.11 to $0.15 per share for the fourth quarter of fiscal 2011, including a net restructuring credit of approximately $0.02 per share. Mr. Hackett concluded, "Looking forward, we are encouraged by our prospects to realize continued growth in a broader economic recovery, which seems to be gaining additional traction around the world, and we remain committed to strengthening the fitness of our business model."