Steelcase Earnings: SCS Stock Gains on Q3 Revenue Beat

Steelcase earnings (NYSE:SCS) came in ahead of what analysts were calling for during the company’s latest quarter of its fiscal year on the revenue front late in the day Tuesday, sending SCS stock up close to 3% after the bell.

Steelcase EarningsThe Grand Rapids, Mich.-based furniture company said that for its third quarter of 2018, its net income reached $37.3 million, which is roughly 31 cents per share. On an adjusted basis when taking into account one-time gains and costs, the company’s earnings were 36 cents per share, which is 14 cents higher than the 22 cents per share it had during its year-ago quarter.

Steelcase added that its revenue for the period was $901 million, which is stronger than the $898.17 million that analysts were calling for in the Wall Street consensus estimate.  “The successful implementation of our growth strategies to broaden our product offering contributed to another quarter of strong organic revenue growth, which continued to outpace recent industry trends in the U.S. and many other markets,” said Jim Keane, president and CEO.

For its current quarter, the last one of its 2018, Steelcase sees its revenue as coming in somewhere between $860 million to $855 million.

SCS stock was surging about 2.9% after hours on Tuesday following its strong revenue showing for its latest period. Shares had been gaining a bit over 0.1% during regular trading hours on the day as the furniture company got ready to report its most recent figures heading into its final stretch of the fiscal year.


Article printed from InvestorPlace Media, https://investorplace.com/2018/12/steelcase-earnings-scs-stock/.

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