Steelcase Earnings: Here’s Why the Stock is Falling Now
Steelcase Inc. (NYSE:SCS) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 3.54%.
Steelcase Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 35.71% to $0.19 in the quarter versus EPS of $0.14 in the year-earlier quarter.
Revenue: Rose 4.52% to $721.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Steelcase Inc. reported adjusted EPS income of $0.19 per share. By that measure, the company missed the mean analyst estimate of $0.19. It beat the average revenue estimate of $709.47 million.
Quoting Management: “While a number of unusual items impacted our results this quarter, the underlying business otherwise performed largely as expected,” said James P. Hackett, president and CEO. “We are especially proud of the Americas business, which posted an adjusted operating income margin of more than 10 percent in the fourth quarter and continued to gain market share in the U.S.”
Key Stats (on next page)…
Revenue decreased 0.8% from $727.2 million in the previous quarter. EPS decreased 9.52% from $0.21 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.18 and has not changed. For the current year, the average estimate is a profit of $0.78, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)