Steelcase Inc (NYSE: SCS)
Shares of Steelcase Inc. rallied 12.96% in premarket hours on Friday, thanks to solid second-quarter earnings and revenue that blew past Wall Street’s expectations. The office furniture maker also impressed investors with its upbeat outlook for the full year and the current quarter.
SCS stock added $2.75, or 17.03% to change hands at $18.95 in early minutes of normal trading on Friday. Shares of the Michigan-based company have gone up nearly 6% since the start of 2018.
SCS Earnings & Outlook
Steelcase announced a profit of $49.1 million, or $0.41 per share during the quarter, up from $36.9 million, or $0.31 per share, posted in the second of quarter of the previous year. Net sales jumped from $775.6 million a prior-year period to $875.8 million.
Looking ahead, Steelcase sees earnings in the range of $0.28 to $0.33 per share and revenue of between $885 million and $915 million for the current quarter. The company also revised its full-year earnings guidance to between $1.10 and $1.15 per share.
Analysts expect to come with adjusted earnings of $0.25 per share on revenue of $834 million for the current quarter.
Steelcase CEO Comments
“We are proud of delivering very strong revenue and earnings growth this quarter, and we’re optimistic about the opportunities we see to drive additional growth. The acquisitions of Smith System and Orangebox, as well as our new partnership with West Elm and broadened partnership with Bolia, are part of the exciting expansions of our offerings that help support our customers’ needs in a changing workplace,” said Jim Keane, president and chief executive officer of Steelcase
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. Its seating products comprise ergonomic task chairs; seating for collaborative or casual settings; and specialty seating for specific vertical markets, such as healthcare and education.
The company’s interior architectural products include full and partial height walls and doors. It also provides textiles, wall coverings, and surface imaging solutions for architects and designers; and ceramic steel surfaces for use in various applications, including static whiteboards and chalkboards through third party fabricators and distributors.
In addition, the company offers workplace strategy consulting, data-driven space measurement, lease origination, furniture and asset management, and hosted event services. The company markets and sells its products to corporate, government, healthcare, education, and retail customers under the Steelcase, Coalesse, Turnstone, AMQ, Designtex, and PolyVision brands.
It distributes its products and services through a network of independent and company-owned dealers, as well as directly to end-use customers. The company was founded in 1912 and is headquartered in Grand Rapids, Michigan.– Yahoo Finance
