Steelcase Inc. (NYSE:SCS) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Steelcase Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share were the same at $0.13 in the quarter as EPS of $0.13 in the year-earlier quarter.
Revenue: Decreased 1.2% to $667.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Steelcase Inc. reported adjusted EPS income of $0.13 per share. By that measure, the company met the mean analyst estimate of $0.13. It missed the average revenue estimate of $689.93 million.
Quoting Management: “Following twelve consecutive quarters of year-over-year organic revenue growth, we experienced a modest decline in the first quarter,” said James P. Hackett, CEO. “We are not too concerned with this decline, as order growth in the Americas was better than expected, resulting in a strong quarter-end backlog, and customer visits and project activity remain high.”
Key Stats (on next page)…