Steelcase Earnings: Here’s Why Investors are Selling Shares Now
Steelcase Inc. (NYSE:SCS) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.34%.
Steelcase Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 4% to $0.24 in the quarter versus EPS of $0.25 in the year-earlier quarter.
Revenue: Rose 1.7% to $757.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Steelcase Inc. reported adjusted EPS income of $0.24 per share. By that measure, the company missed the mean analyst estimate of $0.26. It missed the average revenue estimate of $773.33 million.
Quoting Management: “We have tremendous confidence in our global strategy, yet our consolidated results continue to be negatively impacted by the economic crisis in Western Europe,” said James P. Hackett, CEO. “The Americas outperformed our expectations with an operating income margin of 14%, the highest result for any of our segments in the last decade. In contrast, our EMEA results reflect a significant operating loss, despite the great work of our resident teams to position our business for the eventual economic recovery in Western Europe.”
Key Stats (on next page)…