Steelcase (NYSE:SCS) Issues Q3 2020 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its third quarter 2020 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.33-0.37 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.35. The company issued revenue guidance of $920-945 million, compared to the consensus revenue estimate of $940.77 million.

NYSE SCS traded up $0.35 during trading hours on Thursday, reaching $16.74. The company’s stock had a trading volume of 1,141,479 shares, compared to its average volume of 610,253. The stock has a market cap of $1.97 billion, a PE ratio of 13.95 and a beta of 1.35. Steelcase has a fifty-two week low of $13.96 and a fifty-two week high of $19.35. The company’s 50-day moving average is $15.96 and its two-hundred day moving average is $16.51. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.04). The business had revenue of $824.30 million during the quarter, compared to analyst estimates of $839.07 million. Steelcase had a net margin of 3.61% and a return on equity of 16.35%. Steelcase’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. Equities analysts expect that Steelcase will post 1.28 earnings per share for the current fiscal year.

SCS has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Steelcase from a hold rating to a sell rating in a report on Wednesday, August 14th. Seaport Global Securities lowered shares of Steelcase from a buy rating to a neutral rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $19.00.

In related news, VP Sara E. Armbruster sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total value of $86,500.00. Following the transaction, the vice president now owns 54,538 shares in the company, valued at $943,507.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $17.11, for a total transaction of $342,200.00. Following the completion of the transaction, the chief accounting officer now owns 209,840 shares in the company, valued at approximately $3,590,362.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,037 shares of company stock worth $2,557,519. Insiders own 17.58% of the company’s stock.

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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