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GRAND RAPIDS, Mich. - Office furniture maker Steelcase Inc. said Monday its fiscal second-quarter profit fell 17 percent as the company restructured, but results beat the company's expectations.
| SCS | 5.44 |  0.33 |
Profit for the quarter ended Aug. 29 fell to $31.4 million, or 23 cents per share, from $37.7 million, or 26 cents per share, in the same quarter last year. The latest quarter's results include $5.9 million in restructuring costs.
Revenue rose 9 percent to $901.8 million from $825.2 million.
Analysts polled by Thomson Reuters predicted a profit of 22 cents per share on revenue of $865.6 million.
Results were boosted by international sales, which rose 34 percent to $253.2 million, Steelcase said.
Shares fell 25 cents, or 2.4 percent, to $10.19 in morning trading.
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