Steelcase Stock Soars on Q2 Profit, Revenue Beat

Steelcase stock (NYSE:SCS) was soaring late in the day Thursday as the company reported its latest quarterly earnings results after the bell, posting earnings and revenue that were better than what analysts were calling for.

Steelcase StockFor its second quarter of the current fiscal year, the furniture company posted a profit of $49.1 million, or 41 cents per share. On an adjusted basis, the company brought in earnings of 36 cents per share, which was stronger than the 31 cents in adjusted profit it amassed during the second quarter of the previous fiscal year.

Steelcase’s adjusted earnings for the period were stronger than what analysts were calling for as the Wall Street consensus estimate projected the figure to be 29 cents per share, according to data compiled by Zacks Investment Research.

The company’s revenue for the period tallied up to $875.8 million, which was slightly above Wall Street outlook, per Zacks Investment Research. The figure was also better than Steelcase’s year-ago revenue of $775.60 million.

For its third quarter, the company said that it sees its revenue to be in the range of $885 million to $915 million. Plus, it sees its full-year earnings as being in the range of $1.10 to $1.15 per share.

SCS stock was up about 5.6% on Thursday during regular trading hours in anticipation of the company’s quarterly earnings results. Shares were up about 11.5% after the bell following the company’s earnings and revenue beats.


Article printed from InvestorPlace Media, https://investorplace.com/2018/09/steelcase-stock-scs/.

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