Steelcase (NYSE:SCS) earnings for fiscal fourth quarter of 2020 have SCS stock on the rise after markets closed on Tuesday. This follows it reporting adjusted earnings per share (EPS) of 39 cents, which comes in above Wall Street’s estimate of 32 cents. The U.S. furniture company’s revenue of $946.2 million is also better than analysts’ estimates of $914.8 million.
Now, let’s take a closer look at the most recent Steelcase earnings report.
- Adjusted per-share earnings are 34.48% higher than the 29 cents from the same period of the year prior.
- Revenue for the quarter comes in 3.71% above the $912.4 million reported in the fiscal fourth quarter of 2019.
- Operating income of $69 million is a 46.81% increase year-over-year from $47 million.
- The Steelcase earnings report also includes a net income of $66.5 million.
- This is a 194.25% improvement over the company’s net income of $22.6 million during the same time last year.
Jim Keane, president and CEO of Steelcase, said this about the SCS stock earnings report:
“I want to recognize the efforts of our teams around the globe who drove strong, better-than-expected revenue and earnings per share in our fourth quarter. Through terrific performance by all three regions – Americas, EMEA and Asia Pacific – Steelcase delivered its highest annual revenue and operating income in nearly 20 years.”
The Steelcase earnings report notes several changes are going into effect due to the coronavirus from China. This has the company reducing the base pay of its CEO to $1, as well as the executive team’s earnings declining 60%. It will also be shutting down some manufacturing and shipping facilities.
SCS stock was up 4.69% after-hours Tuesday, and it closed out the day up 6.03%
As of this writing, William White did not hold a position in any of the aforementioned securities.