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Steelcase Inc Issues Q2 2014 Guidance; Revenue Guidance In Line With Analysts' Estimates; Declares Cash Dividend


Wednesday, 19 Jun 2013 04:01pm EDT 

Steelcase Inc announced that for the second quarter fiscal 2014, it expects revenue to be in the range of $760 to $785 million. This estimate includes an assumption of approximately $4 million from favorable currency translation effects compared to the prior year and approximately $3 million from recent acquisitions, net of a divestiture and expects to report earnings between $0.22 to $0.26 per share for the second quarter of fiscal 2014, including restructuring costs of approximately $0.01 per share. In addition, this estimate includes an unfavorable discrete tax adjustment of approximately $2 million, or $0.02 per share, related to expected changes in the statutory tax rate in the United Kingdom. Steelcase reported earnings of $0.23 per share in the second quarter of fiscal 2013, including restructuring costs of approximately $0.02 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $771 million for the second quarter of 2014. The Board of Directors declared a cash dividend of $0.10 per share, to be paid on or before July 12, 2013 to shareholders of record as of July 1, 2013. 

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