Steelcase Rises On Upbeat Q2 Profit, Outlook

Shares of Steelcase Inc. (SCS) are rising more than 25% Wednesday morning after reporting better-than-expected second-quarter results. The company’s third-quarter as well as full-year earnings outlook came in above analysts’ view.

Net income in the second quarter increased to $27.5 million, or $0.23 per share from $19.6 million, or $0.17 per share in the same quarter a year ago.

Excluding one-time items, earnings were $0.31 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.20 per share.

Revenue for the quarter, however, declined to $854.6 million from $863.3 million last year, primarily due to lower volume.

For the third quarter, the company expects adjusted earnings per share of between $0.23 and $0.27. The consensus estimate stands at $0.19 per share.

For the full year, adjusted earnings per share are expected in the range of $0.80 to $0.90. Analysts see earnings of $0.67 per share for the year.

SCS is at $11.09 currently. It has traded in the range of $6.20 – $11.08 in the last 1 year.

Source: Read Full Article