Steelcase (NYSE:SCS) Posts Earnings Results, Beats Expectations By $0.06 EPS

Steelcase (NYSE:SCSGet Free Report) announced its quarterly earnings results on Thursday. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06, reports. Steelcase had a net margin of 2.89% and a return on equity of 13.66%. The company had revenue of $727.30 million during the quarter, compared to the consensus estimate of $729.05 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. Steelcase updated its Q2 guidance to $0.36-0.40 EPS.

Steelcase Price Performance

NYSE SCS opened at $13.29 on Friday. Steelcase has a 12 month low of $7.10 and a 12 month high of $14.54. The firm has a market capitalization of $1.52 billion, a PE ratio of 17.49, a P/E/G ratio of 1.32 and a beta of 1.35. The company’s 50 day simple moving average is $12.71 and its 200 day simple moving average is $12.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.58 and a quick ratio of 1.20.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Wednesday, July 3rd. Steelcase’s dividend payout ratio (DPR) is presently 52.63%.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the sale, the vice president now owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.96% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SCS. raised Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Benchmark boosted their price target on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday.

Read Our Latest Research Report on SCS

About Steelcase

(Get Free Report)

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.

Further Reading

Earnings History for Steelcase (NYSE:SCS)

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