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Steelcase reports 4Q loss of $27.5M
Steelcase has reported fourth quarter revenue of $721.4 million and a net loss of $27.5 million, or 22 cents per share, including restructuring costs of approximately 10 cents per share.
The office furniture maker, headquartered in Grand Rapids, said current quarter results included goodwill impairment charges, tax valuation allowance adjustments, foreign tax credit benefits and environmental reserve adjustments, which had the aggregate net effect of reducing earnings by approximately 31 cents per share.
“While a number of unusual items impacted our results this quarter, the underlying business otherwise performed largely as expected,” said James P. Hackett, president and CEO. “We are especially proud of the Americas business, which posted an adjusted operating income margin of more than 10 percent in the fourth quarter and continued to gain market share in the U.S.”
Steelcase (NYSE: SCS) reported $690.2 million of revenue and earnings of 11 cents per share in the fourth quarter of the prior year, including restructuring costs of approximately 3 cents per share.
Organic revenue growth in the fourth quarter was 4 percent after adjusting for $2.1 million of favorable currency exchange and a favorable impact of $4 million from recent dealer acquisitions, net of a divestiture.
The Americas posted 5 percent organic growth over the prior year, which included initial revenue from two particularly large projects in the energy sector, while Europe, the Middle East and Africa experienced 3 percent organic growth.
Revenue continued to include a higher than normal mix of project business from some of the company’s largest corporate customers.
The current quarter operating loss was $45.2 million.