Steelcase board raises dividend, company earnings disappoint

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Furniture maker Steelcase Inc.












SCS, -3.10%










said late Tuesday its board of directors has declared a dividend of 12.75 cents a share, an increase of 0.75 cents compared with the third quarter, to be paid on or before April 14 to shareholders of record on March 31. The Grand Rapids, Mich., company reported a net income of $25.8 million, or 21 cents a share, in the fourth quarter on sales of $769 million, up 3% from the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report per-share earnings of 23 cents a share on sales of $753 million. Shares of Steelcase fell 0.6% in the extended session after ending the regular trading day down 2.8%.


Source: marketwatch.com