Steelcase Inc. reported unaudited consolidated earnings results for the second quarter and six months ended August 26, 2016. For the quarter, the company reported revenue of $758.0 million against $819.0 million a year ago. Operating income was $61.9 million against $60.1 million a year ago. Income before income tax expense was $59.6 million against $58.5 million a year ago. Net income was $38.2 million against $37.2 million a year ago. Diluted earnings per share was $0.31 against $0.30 million a year ago. Diluted earnings per share, adjusted was $0.32 against $0.35 a year ago. Adjusted operating income was $62.2 million against $71.4 million a year ago.

For the six months, the company reported revenue of $1,476.8 million against $1,524.5 million a year ago. Operating income was $95.2 million against $93.6 million a year ago. Income before income tax expense was $91.3 million against $90.0 million a year ago. Net income was $57.6 million against $57.2 million a year ago. Diluted earnings per share was $0.47 against $0.45 a year ago. Net cash provided by operating activities was $20.1 million against $53.7 million a year ago. Capital expenditures was $26.8 million against $47.4 million a year ago. Adjusted operating income was $100.1 million against $106.8 million a year ago.

The company expects to report diluted earnings per share between $0.32 to $0.36 for the third quarter of fiscal 2017, including approximately $0.01 per share of restructuring costs. This estimate includes an anticipated significant year-over-year improvement in EMEA cost of sales as a percentage of revenue, primarily due to the continued stabilization and improvement of the industrial model. Steelcase reported diluted earnings per share of $0.28 and adjusted earnings per share of $0.30 in the third quarter of fiscal 2016. The company expects third quarter 2017 revenue, of $795 million to $820 million and diluted earnings per share, adjusted of $0.33 to $0.37.
The company continue to estimate effective tax rate for the balance of fiscal 2017 will approximate 36%.

The company estimate capital expenditures for the full year will approximate $75 million to $85 million. This estimate excludes expected proceeds from the sale of an existing aircraft.