Steelcase (NYSE:SCS) Updates Q3 2022 Earnings Guidance

Steelcase (NYSE:SCS) updated its third quarter 2022 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.070-$0.110 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.100. The company issued revenue guidance of $755 million-$785 million, compared to the consensus revenue estimate of $720.80 million.

Steelcase stock traded up $0.23 during midday trading on Wednesday, reaching $13.35. The stock had a trading volume of 1,047,095 shares, compared to its average volume of 593,015. The firm’s fifty day simple moving average is $13.80 and its 200-day simple moving average is $14.33. Steelcase has a 1-year low of $9.56 and a 1-year high of $16.84. The stock has a market capitalization of $1.54 billion, a P/E ratio of 43.06 and a beta of 1.42. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.53 and a current ratio of 1.99.

Steelcase (NYSE:SCS) last announced its earnings results on Tuesday, June 22nd. The business services provider reported ($0.24) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.07. Steelcase had a return on equity of 5.56% and a net margin of 1.35%. The business had revenue of $556.60 million for the quarter, compared to analyst estimates of $556.30 million. During the same quarter last year, the firm earned ($0.18) EPS. Steelcase’s revenue for the quarter was up 15.3% compared to the same quarter last year.

In other Steelcase news, Director Kate P. Wolters sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 24th. The stock was sold at an average price of $15.50, for a total value of $77,500.00. Following the completion of the transaction, the director now directly owns 194,471 shares in the company, valued at $3,014,300.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.97% of the stock is owned by company insiders.

An institutional investor recently raised its position in Steelcase stock. Morgan Stanley lifted its holdings in shares of Steelcase Inc. (NYSE:SCS) by 27.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,608,779 shares of the business services provider’s stock after acquiring an additional 346,540 shares during the quarter. Morgan Stanley owned approximately 1.39% of Steelcase worth $24,309,000 as of its most recent SEC filing. Institutional investors own 67.93% of the company’s stock.

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 firm’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 work tools and screens.

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