Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Steelcase Loss Narrows, Hiring Spurs Demand
Jun 23, 2004
 Printable format
 Email this Article
 Search

Office furniture maker Steelcase Inc. posted a narrower quarterly loss as increased hiring by U.S. companies spurred greater demand for office furniture and a weak dollar offset rising steel costs.

However, in a conference call following the results, company executives warned that discounts and dealer incentives remain high due to intense competition and that major European markets, particularly France and Germany, remain weak.

Steelcase reported a net loss of U.S. $5.7 million, or $0.04 a share, for the first quarter ended May 28, compared with a loss of $13.4 million, or $0.09 a share, a year earlier. The 2005 first-quarter loss included $3.6 million in net restructuring charges.

The results were better than both the company's own forecast -- for a loss of $0.09 a share to $0.14 a share, after accounting for higher steel costs and restructuring charges -- and analysts' average estimate of a loss of $0.07 a share, according to Reuters Estimates. Revenue rose 7.6 percent to $597.7 million, helped by sales from dealers recently added to the company's books.

"Strong job growth during the past quarter should bode well for our business," James Hackett, president and CEO, said in a statement.

Although Steelcase's North America unit implemented a temporary steel surcharge on orders placed after April 25 to cope with higher steel prices, the surcharge did not give revenue a substantial boost, the company said. The unit's steel costs were $2.5 million higher after-tax.

Steelcase, based in Grand Rapids, MI, U.S., said it expects second-quarter results to range from break-even to a loss of $0.05 a share, after restructuring charges.
It forecast quarterly revenue growth at 5 percent to 8 percent. Second-quarter revenue should include $15 million from newly consolidated dealers and an additional $7 million from steel surcharges.

The company neither affirmed nor updated a full-year estimate, saying it would provide a quarterly business forecast. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Dec 17, 2014: Bosch names Kenny head of marketing

Dec 17, 2014: Multifamily Production Index off its peak, but still positive

Dec 17, 2014: AHRI launches two new certification programs

Dec 16, 2014: Ar├želik awarded for fridge with integrated ice-cream bowl

Dec 16, 2014: Report: appliance segment at the top of 2014 reshoring list

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: Appliance Magazine Market Insight Annual Subscriptions
November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows