SCS - Steelcase delayed shipments hurts Q3 top-line with guidance set below consensus stock -7% AH

Steelcase (SCS) declines 7.37% post-market after the company's Q3 earning report, where top-line misses consensus by $11.27M to $617.5M driven by the continued impact of COVID-19 and the temporary shutdown of the company's operations in response to the cyberattack in EMEA.The revenue decreased 35% Y/Y with ~6% attributable to the shipment delays associated with the temporary operations shutdown.By segment, the Americas revenue declined 40%, EMEA revenue declined by 20% and other category by 29%.Orders declined 39%, including the decline of 40% in China under other category.Gross margin declines 430bps Y/Y to 28.8%.Operating income: The Americas $13.8M (3Q19: $74.7M); EMEA -$3.7M (3Q19: $6.3M) Other category -$2.2M (3Q19: $3.3M, including $1.2M from the divested PolyVision). Non-GAAP EPS of $0.08 beats by $0.05; GAAP EPS of $0.02 beats by $0.07.The company ended the quarter with total liquidity, comprised of cash, cash equivalents and the cash surrender value of company-owned life insurance, of $652.1M. Total debt was $482.8M.Board declares $0.10/share quarterly dividend.At the end

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Steelcase delayed shipments hurts Q3 top-line with guidance set below consensus, stock -7% AH