Steelcase (NYSE:SCS) Releases Q3 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.33-0.37 for the period, compared to the Thomson Reuters consensus estimate of $0.35. The company issued revenue guidance of $920-945 million, compared to the consensus revenue estimate of $940.77 million.Steelcase also updated its Q3 2020 guidance to $0.33-0.37 EPS.

Shares of SCS stock traded up $0.35 during mid-day trading on Thursday, reaching $16.74. The stock had a trading volume of 1,141,479 shares, compared to its average volume of 610,253. The stock’s 50-day moving average price is $15.96 and its two-hundred day moving average price is $16.51. Steelcase has a 52-week low of $13.96 and a 52-week high of $19.35. The firm has a market capitalization of $1.97 billion, a PE ratio of 13.95 and a beta of 1.35. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 0.78.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The firm had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. During the same quarter in the previous year, the firm posted $0.14 EPS. Steelcase’s revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts forecast that Steelcase will post 1.28 earnings per share for the current year.

Several equities analysts recently issued reports on SCS shares. Zacks Investment Research cut shares of Steelcase from a hold rating to a sell rating in a research report on Wednesday, August 14th. Seaport Global Securities cut shares of Steelcase from a buy rating to a neutral rating in a research report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $19.00.

In related news, CFO David C. Sylvester sold 21,017 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $17.43, for a total transaction of $366,326.31. Following the transaction, the chief financial officer now owns 412,816 shares in the company, valued at $7,195,382.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.11, for a total transaction of $342,200.00. Following the transaction, the chief accounting officer now owns 209,840 shares in the company, valued at approximately $3,590,362.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,037 shares of company stock worth $2,557,519. Insiders own 17.58% of the company’s stock.

Steelcase Company Profile

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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