Steelcase reported third-quarter FY12 revenue of $719.4 million and net income of $22.4 million, or $0.17 per share. “The Americas segment posted another strong quarter with organic revenue growth of 15% and an adjusted operating margin of approximately 9%,” said James P. Hackett, president and CEO. “Based on the strength of third quarter orders and the highest backlog in more than three years, we expect this momentum to continue in the fourth quarter.”
Organic revenue growth in the third quarter was 10 percent after adjusting for the net negative impact of $20 million associated with the deconsolidation of IDEO and other acquisitions and divestitures and approximately $4 million related to favorable currency translation effects. The Americas posted 15 percent organic growth over prior year while EMEA experienced a 2 percent organic decline. Revenue growth in the Americas was broad-based and included a higher mix of revenue from some of the company’s largest corporate customers, services and owned dealers.
Read the full report here.
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