SCS - Steelcase stock rises on earnings beat pricing power

Steelcase shares jumped on Thursday after reporting a lighter-than-expected loss on Wednesday evening. The Michigan-based office furniture manufacturer posted a non-GAAP loss of $0.05 per share, alongside a 33.1% rise in revenue to $740.7M for the first quarter. Those figures bested estimates by $0.13 and $49.76M, respectively. "We're pleased with our revenue growth of 33 percent, which was better than expected due to stronger incoming orders and improved order fulfillment from the adjustments we've made to mitigate the impact of supply chain disruptions," CEO Sara Armbruster said. "In each of the most recent eight months of reported data, our year-over-year order growth in the Americas has outpaced our industry, and our EMEA segment has continued to deliver strong growth for the past five quarters." Management added that strong sales are slated to continue, bolstered by a hefty backlog of customer orders totaling approximately $927M that has stacked up amid supply

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Steelcase stock rises on earnings beat, pricing power