Here Is What To Expect
Office furniture manufacturer Steelcase (NYSE:SCS) will be reporting results this Wednesday after the bell. Here’s what to look for.
Steelcase beat analysts’ revenue expectations by 2.5% last quarter, reporting revenues of $779 million, up 7.1% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a significant miss of analysts’ EPS guidance for next quarter estimates.
Is Steelcase a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Steelcase’s revenue to grow 2.1% year on year to $873.6 million, improving from its flat revenue in the same quarter last year. Adjusted earnings are expected to come in at $0.37 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Steelcase has missed Wall Street’s revenue estimates six times over the last two years.
With Steelcase being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for business services & supplies stocks. However, there has been positive investor sentiment in the segment, with share prices up 5% on average over the last month. Steelcase is up 3.7% during the same time and is heading into earnings with an average analyst price target of $16.25 (compared to the current share price of $17).
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