March 23, 2011 / 9:30 PM / 8 years ago

Steelcase Q4 results beats estimates

(Reuters) - Steelcase Inc (SCS.N) posted better-than-expected fourth-quarter results, helped by higher sales in North America, but the office furniture maker forecast weak first-quarter results.

The company expects to report first-quarter results between a loss of 4 cents a share and break even, compared with analysts average estimate of earnings of 5 cents a share according to Thomson Reuters I/B/E/S.

For the fourth quarter, net income was 8 cents a share, compared with a loss of 10 cents a share a year ago.

Excluding items, the company earned 11 cents a share.

Revenue rose 13 percent to $622.9 million. North American revenue rose 19 percent.

Analysts, on average, had expected earnings of 8 cents a share, before special items, on revenue of $595.8 million,

Shares of the Grand Rapids, Michigan-based company closed at $9.53 on Wednesday on the New York Stock Exchange.

Reporting by Divya Sharma; Editing by Prem Udayabhanu

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