Steelcase (NYSE:SCS) Issues FY20 Earnings Guidance

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Steelcase (NYSE:SCS) updated its FY20 earnings guidance on Wednesday. The company provided EPS guidance of $1.20-1.35 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.30. The company issued revenue guidance of $3.63-3.77 billion, compared to the consensus revenue estimate of $3.71 billion.Steelcase also updated its FY 2020 guidance to $1.20-1.35 EPS.

A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Steelcase from a strong-buy rating to a hold rating in a research note on Thursday, February 21st. Raymond James upgraded Steelcase from an outperform rating to a strong-buy rating and upped their target price for the stock from $20.00 to $21.00 in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $19.00.

NYSE SCS traded up $0.24 during trading on Wednesday, reaching $17.77. The company’s stock had a trading volume of 547,602 shares, compared to its average volume of 595,633. The firm has a market capitalization of $2.06 billion, a P/E ratio of 14.81 and a beta of 1.32. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 0.57. Steelcase has a one year low of $13.10 and a one year high of $19.35.

Steelcase (NYSE:SCS) last announced its earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $912.00 million for the quarter, compared to analyst estimates of $870.60 million. Steelcase had a return on equity of 16.47% and a net margin of 3.66%. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS. As a group, research analysts anticipate that Steelcase will post 1.3 EPS for the current fiscal year.

In other Steelcase news, Director Jennifer C. Niemann sold 1,832 shares of the company’s stock in a transaction dated Friday, March 29th. The stock was sold at an average price of $14.69, for a total value of $26,912.08. Following the transaction, the director now directly owns 7,746 shares in the company, valued at approximately $113,788.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Allan W. Smith, Jr. sold 12,233 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $17.15, for a total value of $209,795.95. Following the transaction, the vice president now owns 29,600 shares in the company, valued at $507,640. The disclosure for this sale can be found here. Insiders sold a total of 221,565 shares of company stock worth $3,767,208 over the last 90 days. Corporate insiders own 17.04% of the company’s stock.

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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, 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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