Steelcase (NYSE:SCS) Issues Q3 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.12-0.18 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.18. The company issued revenue guidance of $690-725 million, compared to the consensus revenue estimate of $703.83 million.Steelcase also updated its Q3 2021
After-Hours guidance to 0.12-0.18 EPS.

Shares of NYSE:SCS opened at $9.69 on Friday. The firm has a market capitalization of $1.11 billion, a PE ratio of 8.21 and a beta of 1.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 1.24. The business has a 50-day moving average of $10.83 and a two-hundred day moving average of $10.91. Steelcase has a 12 month low of $7.02 and a 12 month high of $23.02.

Steelcase (NYSE:SCS) last issued its earnings results on Tuesday, September 22nd. The business services provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.18. Steelcase had a return on equity of 15.48% and a net margin of 4.25%. The company had revenue of $818.80 million during the quarter, compared to the consensus estimate of $782.67 million. During the same quarter in the prior year, the business earned $0.50 earnings per share. The company’s revenue was down 18.0% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Friday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Thursday, October 1st.

Several brokerages have recently weighed in on SCS. Sidoti raised Steelcase from a neutral rating to a buy rating in a research report on Tuesday, September 15th. Benchmark downgraded Steelcase from a buy rating to a hold rating in a research report on Monday, August 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $16.50.

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.

See Also: Example of operating income, EBIT and EBITDA

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