GRAND RAPIDS, Mich. — The area’s two largest office furniture manufacturers release quarterly reports Thursday, and sales at both Steelcase and Herman Miller were up compared to a year ago. However, Herman Miller said it suffered a net loss of $1.37 per share due to costs incurred in changes in the way the company handles retirement benefits.
In the company’s third quarter, Steelcase increased revenue by $57.6 million compared to the same period one year ago, the company said in its report to the Securities and Exchange Commission. Revenue in the quarter totaled $784.8 million. Net income equaled $23 million.
The Steelcase board announced a cash dividend of 10 cents per share to be paid in January.
Herman Miller also had a healthy quarter but recorded a net loss of $1.37 per share. The company said its net sales for its fiscal year second quarter were $470.5 million, an increase of $28.7 million over the same quarter last year. But the company has been restructuring its retirement plans, and many expenses related to that were paid in the quarter, resulting in the net loss.