Office furniture manufacturer Steelcase (NYSE: SCS) will be announcing earnings results this Wednesday after market hours. Here’s what to expect.
Steelcase met analysts’ revenue expectations last quarter, reporting revenues of $788 million, up 1.7% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ EPS estimates and an impressive beat 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 4.5% year on year to $759.9 million, a reversal from the 3.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.13 per share.
Analysts covering the company have generally 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, investors in the segment have had steady hands going into earnings, with share prices flat over the last month. Steelcase’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $16.67 (compared to the current share price of $10.40).
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