Steelcase expects 3Q profit below estimates

The company expects earnings of 16 cents to 21 cents per share, including $6 million in restructuring costs.

Steelcase predicts revenue of $840 million to $875 million for the quarter.

Analysts polled by Thomson Reuters, on average, expect a profit of 25 cents per share on revenue of $886.3 million.

"We continue to face tremendous commodity cost inflation, which is expected to outpace our recent pricing actions for another quarter or two," said David C. Sylvester, chief financial officer, in a statement. "While certain commodity prices have retreated somewhat from their recent highs, they remain well above prior year levels, and the benefits of recent pricing actions, including list price adjustments in multiple markets and a commodity surcharge in North America, are just now beginning to be realized."

Commodity inflation is expected to increase the cost of sales by $15 million to $20 million compared with a year ago, Steelcase said.

Shares of Steelcase fell 16 cents to $10.28 in morning trading.