Steelcase (SCS) Releases Q3 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.28-0.33 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.25. The company issued revenue guidance of $885-915 million, compared to the consensus revenue estimate of $834.20 million.Steelcase also updated its FY19 guidance to $1.10-1.15 EPS.

Shares of NYSE SCS traded up $0.80 during midday trading on Thursday, reaching $16.15. 1,773,424 shares of the company traded hands, compared to its average volume of 578,285. The stock has a market cap of $1.78 billion, a PE ratio of 17.75 and a beta of 1.33. Steelcase has a 12 month low of $13.10 and a 12 month high of $16.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.18 and a current ratio of 1.61.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 20th. The business services provider reported $0.14 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.14. The company had revenue of $754.00 million during the quarter, compared to analysts’ expectations of $754.17 million. Steelcase had a return on equity of 13.38% and a net margin of 2.59%. The business’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the business earned $0.15 earnings per share. analysts predict that Steelcase will post 0.95 earnings per share for the current year.

A number of research analysts have issued reports on SCS shares. Zacks Investment Research raised Steelcase from a hold rating to a buy rating and set a $16.00 price objective for the company in a report on Tuesday, June 26th. TheStreet cut Steelcase from a b- rating to a c+ rating in a report on Monday, June 25th. Finally, ValuEngine raised Steelcase from a sell rating to a hold rating in a report on Monday, August 20th. Four analysts have rated the stock with a hold rating, The company presently has an average rating of Hold and a consensus price target of $16.00.

In other Steelcase news, Director Jennifer C. Niemann sold 3,400 shares of Steelcase stock in a transaction on Friday, July 6th. The stock was sold at an average price of $14.17, for a total transaction of $48,178.00. Following the completion of the transaction, the director now directly owns 3,838 shares of the company’s stock, valued at $54,384.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sara E. Armbruster sold 10,000 shares of Steelcase stock in a transaction on Tuesday, June 26th. The shares were sold at an average price of $13.75, for a total value of $137,500.00. Following the transaction, the vice president now directly owns 67,474 shares of the company’s stock, valued at $927,767.50. The disclosure for this sale can be found here. 17.58% of the stock is currently owned by company insiders.

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-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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Earnings History and Estimates for Steelcase (NYSE:SCS)

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