Steelcase (NYSE:SCS) reported its quarterly earnings results late today, bringing in a profit that was worse than what analysts called for despite increasing when compared to the year-ago quarter, while sales were also up from the year-ago quarter, yet the earnings miss caused SCS stock to sink more than 8% after hours Wednesday.
The Grand Rapids, Mich.-based business said that for its first quarter of its fiscal 2019, it brought in net income of $17.8 million, surging 4.7% when compared to the year-ago quarter. Meanwhile, per-share earnings tallied up to 15, marking a 7% increase from the year-ago quarter.
Nevertheless, the figure missed the Wall Street consensus estimate, which saw Steelcase earning 18 cents per share. Revenue was up 9% during the three-month period, tallying up to $824.3 million thanks to the company’s growth across all segments.
The business added that its orders grew by 15% year-over-year thanks to the strong growth of its day-to-day business. The amount was favorably impacted by a list price adjustment on February 2018, which accelerated order from the first three months of Steelcase’s fiscal 2019 into the fourth quarter of the fiscal year.
For its second quarter, the company sees its revenue in the range of $970 million to $995 million, which would mark a growth of 11% to 14% year-over-year.
SCS stock is down about 8.3% after the bell following the company’s underwhelming quarterly earnings results. Shares had surged roughly 1.3% during regular trading hours in anticipation of Steelcase’s results.