Steelcase (NYSE:SCS) Issues Q2 Earnings Guidance

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Steelcase (NYSE:SCS) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.41-0.45 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.42. The company issued revenue guidance of $970-995 million, compared to the consensus revenue estimate of $945.93 million.Steelcase also updated its FY 2020 guidance to $1.20-1.35 EPS.

Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Steelcase from a sell rating to a hold rating in a research report on Tuesday, May 28th. Raymond James upgraded Steelcase from an outperform rating to a strong-buy rating and lifted their target price for the company from $20.00 to $21.00 in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $19.00.

NYSE SCS traded up $0.24 on Wednesday, hitting $17.77. 547,602 shares of the company traded hands, compared to its average volume of 595,633. The company has a market capitalization of $2.06 billion, a PE ratio of 14.81 and a beta of 1.32. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.22 and a current ratio of 1.59. Steelcase has a 52-week low of $13.10 and a 52-week high of $19.35.

Steelcase (NYSE:SCS) last released its earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.03. The company had revenue of $912.00 million for the quarter, compared to the consensus estimate of $870.60 million. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. Steelcase’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, sell-side analysts forecast that Steelcase will post 1.3 EPS for the current year.

In related news, VP Allan W. Smith, Jr. sold 12,233 shares of Steelcase stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total transaction of $209,795.95. Following the transaction, the vice president now directly owns 29,600 shares in the company, valued at $507,640. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jennifer C. Niemann sold 1,832 shares of the business’s stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $14.69, for a total value of $26,912.08. Following the completion of the transaction, the director now owns 7,746 shares in the company, valued at $113,788.74. The disclosure for this sale can be found here. Insiders have sold 221,565 shares of company stock worth $3,767,208 over the last quarter. 17.04% of the stock is owned by company insiders.

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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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