Steelcase (NYSE:SCS) Releases Q2 Earnings Guidance

Steelcase (NYSE:SCS) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.41-0.45 for the period, compared to the Thomson Reuters consensus estimate of $0.42. The company issued revenue guidance of $970-995 million, compared to the consensus revenue estimate of $945.93 million.Steelcase also updated its FY 2020 guidance to $1.20-1.35 EPS.

Shares of SCS opened at $15.78 on Friday. The stock has a market capitalization of $2.08 billion, a P/E ratio of 15.32 and a beta of 1.32. Steelcase has a one year low of $13.10 and a one year high of $19.35. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 0.57.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The business had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. Steelcase had a net margin of 3.61% and a return on equity of 16.37%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.14 EPS. On average, research analysts anticipate that Steelcase will post 1.3 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Friday, June 28th. Steelcase’s dividend payout ratio is presently 48.33%.

A number of research analysts have commented on SCS shares. Zacks Investment Research raised Steelcase from a sell rating to a hold rating in a report on Thursday, April 18th. Raymond James raised Steelcase from an outperform rating to a strong-buy rating and increased their target price for the stock from $20.00 to $21.00 in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average price target of $19.00.

In other Steelcase news, VP Allan W. Smith, Jr. sold 12,233 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total transaction of $209,795.95. Following the transaction, the vice president now owns 29,600 shares of the company’s stock, valued at approximately $507,640. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director P Craig Welch, Jr. sold 200,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.09, for a total value of $3,418,000.00. Following the transaction, the director now directly owns 88,730 shares in the company, valued at approximately $1,516,395.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 221,565 shares of company stock worth $3,767,208. 17.58% of the stock is currently owned by company insiders.

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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