Steelcase (NYSE:SCS) Releases Q2 Earnings Guidance

Steelcase (NYSE:SCSGet Free Report) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.36-0.40 for the period, compared to the consensus earnings per share estimate of $0.30. The company issued revenue guidance of $850-875 million, compared to the consensus revenue estimate of $865.17 million.

Steelcase Stock Performance

Shares of SCS stock opened at $12.18 on Friday. The company has a market capitalization of $1.40 billion, a P/E ratio of 17.91, a P/E/G ratio of 1.37 and a beta of 1.35. Steelcase has a 12-month low of $7.10 and a 12-month high of $14.54. The business’s 50 day moving average is $12.69 and its two-hundred day moving average is $12.82. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50.

Steelcase (NYSE:SCSGet Free Report) last issued its quarterly earnings results on Wednesday, March 20th. The business services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. Steelcase had a net margin of 2.57% and a return on equity of 12.87%. The company had revenue of $775.20 million during the quarter, compared to analyst estimates of $780.25 million. During the same quarter in the previous year, the firm earned $0.19 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. Analysts expect that Steelcase will post 0.92 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SCS. StockNews.com raised shares of Steelcase from a buy rating to a strong-buy rating in a research note on Friday, March 29th. Benchmark raised Steelcase from a hold rating to a buy rating and set a $17.00 price target on the stock in a research note on Friday, June 14th.

Check Out Our Latest Research Report on SCS

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the sale, the vice president now owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 12.96% of the company’s stock.

About Steelcase

(Get Free Report)

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.

Further Reading

Earnings History and Estimates for Steelcase (NYSE:SCS)

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