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Steelcase raises guidance for fourth quarter

BY MiBiz Staff Monday, March 07, 2016 01:15pm

GRAND RAPIDS — After a series of tax restructurings in the company’s Europe, Middle East and Africa (EMEA) market, Steelcase Inc. executives increased revenue projections for the company’s fourth quarter, which ended Feb. 26, 2016.

Steelcase (NYSE: SCS) now expects fourth quarter revenues to reach $745 million to $750 million, according to updated guidance released today. That compares to previously projected revenues of between $720 million and $745 million issued by the Grand Rapids-based office furniture manufacturer in its third quarter.

“The changes we implemented in EMEA in fiscal 2015 to align our tax structure with the management of our globally integrated enterprise were recently accepted by the U.S. Internal Revenue Service,” said Mark Mossing, vice president and chief accounting officer. “This new model has generated taxable income for our French subsidiaries and allowed the partial utilization of net operating loss carryforwards in France throughout fiscal 2016.”

Steelcase reports its fourth quarter 2016 and fiscal year 2016 results on March 22.

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