Steelcase, the world’s largest manufacturer of office furniture, has registered a first-quarter loss following a charge related to the recent federal health care reform.
For the three months that ended May 28, the company posted a loss of $11.1 million, compared with breaking even in the same period a year earlier. Revenue was slightly lower at $541.8 million from $545.6 million. However, Steelcase said it eked out 1 percent "organic revenue growth."
The company expects second-quarter earnings of 1 cent to 5 cents per share on revenue in the range of $560 million to $585 million.