Steelcase (NYSE:SCS) earnings for the U.S. furniture company’s third quarter of fiscal 2020 have SCS stock rising after markets closed on Tuesday. This is due to its adjusted per-share earnings of 46 cents. That’s better than Wall Street’s estimate of 35 cents for the quarter. Revenue of $955.20 million is also above analysts’ estimates of $934.70 million.
Here’s what else is worth mentioning from the Q3 2019 Steelcase earnings report.
- Adjusted EPS comes in 27.78% higher compared to 36 cents in the same period of the year prior.
- Revenue is sitting up 6.02% from the $901.00 million reported in the third quarter of the previous year.
- Operating income of $75.10 million is a 65.42% increase YoY from $45.40 million.
- The Steelcase earnings report also includes a net income of $54.90 million.
- That’s a 47.19% improvement over the company’s net income of $37.30 million reported during the same time last year.
Jim Keane, President and CEO of Steelcase, says this about the SCS stock earnings.
“We’re proud to deliver another quarter of outstanding results, including a 28% improvement in adjusted earnings and terrific year-over-year increases in operating margins in the Americas and EMEA. Our teams continue to execute against our strategies for growth and profit improvement. We continue to capitalize on the investments we’ve made in new product development and drive initiatives for improving our cost structure.”
The Steelcase earnings also include an outlook for fiscal 2020. This has adjusted EPS ranging from $1.41 to $1.45 on revenue of $3.70 billion. Wall Street’s estimates have EPS coming in at $1.35 on revenue of $3.71 billion.
SCS stock was up 4.13% in after-hours trading on Tuesday. The stock also closed out the day down slightly.
As of this writing, William White did not hold a position in any of the aforementioned securities.