Steelcase (NYSE:SCS) Issues Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Steelcase (NYSE:SCS) posted its earnings results on Tuesday. The business services provider reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.18, MarketWatch Earnings reports. Steelcase had a return on equity of 15.48% and a net margin of 4.25%. The firm had revenue of $818.80 million during the quarter, compared to analysts’ expectations of $782.67 million. During the same period in the previous year, the firm earned $0.50 earnings per share. The company’s revenue was down 18.0% on a year-over-year basis. Steelcase updated its Q3 2021
After-Hours guidance to 0.12-0.18 EPS and its Q3 guidance to $0.12-0.18 EPS.

Shares of Steelcase stock opened at $9.69 on Friday. The business’s 50 day simple moving average is $10.83 and its 200 day simple moving average is $10.91. Steelcase has a 52-week low of $7.02 and a 52-week high of $23.02. The firm has a market cap 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 quick ratio of 1.24 and a current ratio of 1.56.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.13%.

A number of analysts recently issued reports on the company. Sidoti raised Steelcase from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 15th. Benchmark cut shares of Steelcase from a “buy” rating to a “hold” rating in a 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 issued a buy rating to the company. The stock presently has an average 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.

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Earnings History for Steelcase (NYSE:SCS)

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