Shares of Steelcase Inc. tanked more than 10% late Wednesday after the office-furniture maker reported first-quarter earnings below Wall Street expectations and forecast second-quarter results that would also be a miss. Steelcase said it earned $18.1 million, or 15 cents a share, in the quarter, compared with 16 cents a share a year ago. Sales reached $735.1 million, from $718.8 million a year ago, the company said. Analysts polled by FactSet had expected earnings of 18 cents a share on sales of $745 million. The company said it expects second-quarter revenue to be in the range of $750 million to $780 million, against analyst expectations around $800 million. Earnings per share were seen between 21 cents and 25 cents for the second quarter. The analysts surveyed by FactSet had forecast second-quarter EPS of 36 cents. Shares of Steelcase had ended the regular session down 1.2%.
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