Steelcase Preliminary Q3 EPS In Line With Estimates

Steelcase reported preliminary fiscal Q3 adjusted earnings of $0.34 per share compared with an income of $0.30 per share a year ago, coming in line with the $0.34 average EPS estimate from analysts polled by Capital IQ.

Sales over the three months that ended Nov. 25 stood at $787 million,about flat with $787.6 million a year ago, but below the $810-million consensus.

In a statement late Thursday, the company said it bought in Q3 1.1 million shares of class A common stock as part of its share repurchase program, spending $15.2 million. A total of $126.5 million remains in the program at the end of Q3.

“Our project pipeline continued to show year-over-year strength,” said CEO Jim Keane. “We expect the success of our new product introductions and other strategic actions implemented over the past twelve months to sustain our momentum in the market.”

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