Steelcase Sees 4th-Quarter Loss in Tough Economy

Steelcase predicts 4th-quarter loss, weaker-than-expected sales in tough economy

Steelcase Inc. on Monday forecast a fourth-quarter loss and softer-than-expected revenue, hurt by restructuring costs and higher commodity costs for the office furniture maker.

Steelcase expects a fourth-quarter loss between 4 cents and a loss of 10 cents per share, including $9 million in restructuring costs, and revenue within a range of $650 million to $700 million.

Analysts polled by Thomson Reuters expect an 11 cent profit and sales of $747 million.

"We believe that the slowing of the global economy and related uncertainty will lead to significant reduction in industry demand for the next several quarters," said David C. Sylvester, chief financial officer.

Steelcase anticipates commodity costs to rise about $5 million to $10 million in the fourth quarter compared with the prior year.

Separately, Steelcase posted a drop in third-quarter profits because of a big charge and lower sales as ongoing weakness in the economy crimped demand.

Steelcase shares rose 16 cents, or 2.7 percent, to $5.89 in premarket trading.

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