Steelcase (NYSE:SCS) Updates Q3 2020 Earnings Guidance

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

A number of research firms have issued reports on SCS. Seaport Global Securities cut Steelcase from a buy rating to a neutral rating in a research note on Wednesday, July 17th. Zacks Investment Research cut Steelcase from a hold rating to a sell rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. Steelcase currently has an average rating of Hold and a consensus target price of $19.00.

Shares of NYSE SCS traded up $0.35 during midday trading on Thursday, reaching $16.74. 1,141,479 shares of the company traded hands, compared to its average volume of 610,253. Steelcase has a 52 week low of $13.96 and a 52 week high of $19.35. The stock has a 50-day moving average price of $15.96 and a 200 day moving average price of $16.51. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 13.95 and a beta of 1.35.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share 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 company had revenue of $824.30 million for the quarter, compared to the consensus estimate of $839.07 million. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Steelcase’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, analysts expect that Steelcase will post 1.28 EPS for the current year.

In related news, VP Sara E. Armbruster sold 5,000 shares of Steelcase stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total transaction of $86,500.00. Following the sale, the vice president now directly owns 54,538 shares in the company, valued at $943,507.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James P. Keane sold 100,000 shares of Steelcase stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $17.45, for a total transaction of $1,745,000.00. Following the sale, the chief executive officer now owns 808,927 shares in the company, valued at $14,115,776.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 147,037 shares of company stock worth $2,557,519. Company insiders own 17.58% of the company’s stock.

About Steelcase

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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