Steelcase (SCS $10.49 +0.09) reported first quarter earnings of $0.10
per share, excluding non-recurring items, $0.05 better than the Capital IQ
Consensus Estimate of $0.05.
Revenues rose 18.0% year/year to $639.4 million versus the $589 million
consensus.
For the second quarter, the company guided earnings in the range of $0.15
to $0.19, excluding restructuring costs of approximately $0.09 per share, versus
the $0.12 Capital IQ Consensus Estimate. On the top line, the company expects
revenues to be $670 million to $695 million versus the $634.07 million Capital
IQ Consensus Estimate.
This estimate includes an assumption of approximately $15 million from favorable
currency translation effects compared to the prior year, as well as revenue from
a dealer acquisition completed during May 2011.






