Reuters: Global Markets: Steelcase's profit misses on higher operating costs

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Steelcase's profit misses on higher operating costs Mar 22nd 2012, 21:07 Thu Mar 22, 2012 5:07pm EDT (Reuters) - Steelcase Inc (SCS.N) posted a lower-than-expected quarterly profit, as increased spending on new products bumped up operating costs, and the office furniture maker forecast first-quarter earnings below Wall Street estimates. The weak profit and outlook sent the stock tumbling 13 percent in after-market trade on Thursday. Steelcase shares had closed at $9.29 on the New York Stock Exchange. Grand Rapids, Michigan-based Steelcase expects first-quarter earnings of 8 cents to 12 cents a share, including restructuring costs of 2 cents a share. Analysts, on average, were expecting the company to earn 16 cents a share, according to Thomson Reuters I/B/E/S. Fourth-quarter net income rose to $14.9 million, or 11 cents a share, from $10.4 million, or 8 cents a share, a year ago. Excluding items, the company earned 14 cents a share, missing the analysts' estimates by two cents. Revenue rose 11 percent to $690.2 million. Operating costs climbed 15 percent to $184.1 million. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Viraj Nair) Link this Share this Digg this Email Reprints

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