Office furniture manufacturer Steelcase (NYSE: SCS) will be announcing earnings results tomorrow after market hours. Here’s what you need to know.
Steelcase met analysts’ revenue expectations last quarter, reporting revenues of $794.9 million, up 2.2% year on year. It was a slower quarter for the company, with revenue guidance for next quarter missing analysts’ expectation.
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% year on year to $790.9 million, a reversal from the 3.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.21 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 five 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, the whole sector has faced a sell-off over the last month with stocks in Steelcase’s peer group down 5.6% on average. Steelcase is down 14.1% during the same time and is heading into earnings with an average analyst price target of $16.50 (compared to the current share price of $10.98).
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