The good news for the company starts with its diluted earnings per share of 50 cents for the quarter. That’s an almost 22% increase over its diluted earnings per share of 41 cents from its fiscal second quarter of 2019. It’s also a blessing to SCS stock by coming in above Wall Street’s earnings per share estimate of 43 cents for the period.
Steelcase’s earnings report showed net income of $60.50 million — a huge plus for SCS stock holders. This is up 23% from the $49.10 million reported during the same period last year.
Steelcase’s earnings also includes more positives for SCS stock, with revenue coming in at $998 million for the quarter. In comparison, the company’s revenue last year was $875.80 million. That means year-over-year revenue growth was nearly 14%. This also beat analysts’ revenue estimate of $980.87 million for the quarter by almost 2%.
Steelcase earnings also include a decent outlook for its fiscal third quarter of 2020. This includes diluted per-share earnings between 33 cents and 37 cents on revenue ranging from $920 million to $945 million. Wall Street is looking for earnings per share and revenue of 35 cents and $940.77 million for the upcoming quarter.
SCS stock was up 5% in after-hours trading on Thursday and is up 9% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.