Steelcase Inc. (SCS) Updates Q3 Earnings Guidance
Steelcase Inc. (NYSE:SCS) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.24-0.28 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.26, Stock Ratings Network reports. The company issued revenue guidance of $755-780 million, compared to the consensus revenue estimate of $755.05 million.
Shares of Steelcase Inc. (NYSE:SCS) traded up 1.36% during mid-day trading on Wednesday, hitting $15.65. 545,766 shares of the company’s stock traded hands. Steelcase Inc. has a 52-week low of $9.17 and a 52-week high of $15.89. The stock’s 50-day moving average is $15.01 and its 200-day moving average is $14.36. The company has a market cap of $1.939 billion and a price-to-earnings ratio of 51.47.
Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, September 18th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by $0.04. The company had revenue of $757.60 million for the quarter, compared to the consensus estimate of $773.33 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Steelcase Inc. will post $0.89 EPS for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Ned Davis Research upgraded shares of Steelcase (NYSE:SCS) from a neutral rating to a buy rating in a research note to investors on Monday, July 8th. Analysts at Longbow Research upgraded shares of Steelcase (NYSE:SCS) from a neutral rating to a buy rating in a research note to investors on Friday, June 21st. They now have a $18.00 price target on the stock.
Steelcase Inc (NYSE:SCS) is engaged in furnishing the work experience in office environments.
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